The AUD/USD pair initially tried to rally but turned back around to fall significantly during the day. The market has a larger consolidation area that extends all the way down to the 0.70 level, and we believe that’s where we are heading next. With this being the case, the market should continue to see sellers on short-term rallies and signs of exhaustion. We do not like buying this pair, we believe that the Australian dollar is going to continue to suffer at the hands of that performance in Asia, and of course global uncertainty in general.
