The AUD/USD pair initially rallied during the session on Wednesday, but as you see fell through the most recent support area and continues to fall towards the 0.90 handle. That area of course is a massive support area based upon the large, round, psychologically significant number. Because of this, we are not willing to sell this market, but we are waiting for a little bit of a bounce from that handle in order to start selling again. Remember, the Americans won’t be at their desks today as it is Independence Day, and on top of that Friday is nonfarm payroll Friday. Because of this, we will more than likely have to give this market a day or two before making a serious trade.
Written by FX Empire