The AUD/USD pair attempted to rally on Tuesday, only to fail and fall further. The resulting candle from the session is a shooting star, and it is formed at the bottom of the down move we have seen over the last couple of weeks. This suggests that we are going to continue to fall in this pair, and as the Aussie dollar is one of the world’s favorite ways to express risk appetite, it makes sense that this pair would continue to fall. The problems in Europe aren’t anywhere near being solved, and the Chinese economy looks set to slowdown. With all of that in mind, we are sellers of this pair on rallies and a break of the low form Tuesday.
Written by FX Empire