The AUD/USD pair went back and forth during the day on Wednesday, but pierced below the bottom of the hammer from Tuesday which of course is a fairly negative sign. Nonetheless, we are not sellers until we break down below the bottom of the range for the Wednesday session, and also recognize that it will be more of a grind lower than any type of meltdown. As far as buying is concerned, we would have to break above the top of the range for the Wednesday session in order to do so for a short-term move higher.
