AUD/USD Forecast February 20, 2014, Technical Analysis

The AUD/USD pair initially rallied during the session on Wednesday, but found the area above to be far too resistive yet again. This is the second shooting star in a row, and as a result we feel this market is starting to run out of momentum to the upside. The market is most certainly in a downtrend from a longer-term perspective, so we are perfectly comfortable selling it on a break of the lows from the Wednesday session. At this point time, we have no interest in buying this pair, but do recognize that there is a significant amount of noise below.