The AUD/USD pair tried to rally during the session on Wednesday, but as you can see the previous support area at the 0.95 level has in fact shown itself to be resistive now. This suggests to us that this pair is not done falling, and that although there is a hammer just below current levels, we think had basket this pair is going to be sideways with a downward bias. In reality though, it’s only a matter time before we start to break down again in our opinion. On the other hand, if we did managed to break above the 0.98 handle we could get bullish again.
Written by FX Empire