AUD/USD fell again on Wednesday as the commodity markets fell due to risk aversion. The European concerns continue to hurt the riskier assets, and the Aussie is suffering for it. However, the end of the session saw a bit of a bounce to form something along the lines of a hammer. This could be the first sign of a bounce, but the momentum is still weak, and any bounce would more than likely be a selling opportunity. We will fade all rallies as long as we are below the 1.02 level, and still except this market to fall going forward.
Written by FX Empire