The AUD/USD pair fell hard during the Tuesday session as the Federal Reserve failed to suggest a case for further easing in the minutes that were released in the US. The 1.04 level has given way, but the channel is still holding things up. The 200 day EMA is broken, and now we see that the lows of the session matched the lows from the Thursday hammer as well. It is at that point that we think the momentum changes. A move below there has us selling this pair for the time being. Over the long haul, we like this pair. However, we simply cannot buy it at this point in time.
Written by FX Empire