AUD/USD Forecast February 13, 2014, Technical Analysis

The AUD/USD pair rose during the bulk of the session on Wednesday, but as you can see fell from the 0.9050 handle, forming a shooting star. The shooting star sitting on top of the 0.90 level, and out of this has been in a major downtrend for some time, a move below that level, we feel that the market could pull back down to the 0.89 level, and perhaps even lower. The 0.88 level should be supportive, and as a result a pullback to that area will more than likely find buyers again.