The AUD/USD pair fell during the session on Wednesday, breaking down below the previous low set on Tuesday. Because of this, we think that several cell orders have been triggered, and we will head to the 0.90 handle. Because of this, we think that the Australian dollar will continue to weaken, but do recognize the fact that the 0.90 level almost undoubtedly cause some type of bounce. If you are not short of this market already, it’s probably best to simply wait for a rally that you can fade on the first signs of weakness.
Written by FX Empire