The AUD/USD pair fell for the session on Wednesday as the “risk off” trade came back. The 200 day EMA is just above, and continues to push the market down at this point. The candlestick isn’t outside of the previous session, so while it is negative it isn’t necessarily concerning in general. However, when combined with the downtrend that we have seen over the last couple of weeks, we are getting concerned about the uptrend of this market. We aren’t selling yet – but aren’t comfortable with buying either. A break below the recent swing low has us selling going forward.
Written by FX Empire