The AUD/USD pair tried to rally during the session on Friday, but as you can see it gave back the gains in order to form a shooting star. This pair has been extraordinarily weak for quite some time, and now that we are getting into the “meat” of the consolidation area that broke down, you can see that the buyers simply cannot keep pushing this market higher.
That being the case, we believe that a break of the bottom of this candle leads to selling, and probably a move back down towards the 0.9325 area. As far as buying is concerned, we have no interest in doing so until we get above the 0.98 handle.
Written by FX Empire