The Australian dollar initially tried to rally during the day on Wednesday but found enough resistance above yet again to turn things around. With this being the case, the market looks as if it is going to grind its way back down to the 0.70 handle. However, expect a lot of noise as there is a lot of choppiness between here and there. Quite frankly, we are negative of the Australian dollar, but do not have any real interest in risking money in this market at the moment. With this, we are on the sidelines at the moment.
