The AUD/USD pair initially tried to rally during the course of the session, but turned around to form a shooting star. I believe that an area below near the 0.76 level is essentially the “floor” at this point in time, but I also recognize that there is a bit of negativity in the market at the moment. Quite frankly, this is a market that has a lot of noise above, so with that being the case I am sitting on the sidelines as I expect quite a bit of choppy trading in the Australian dollar at this point in time.
