The AUD/USD pair initially tried to rally during the course of the day on Friday, but found the 0.88 level as resistance. Because of that, we ended up forming a shooting star which of course is a negative sign, which could send this market much lower. We do however think that the shape of the shooting star suggests that the market will more than likely head to the 0.85 handle given enough time, which makes us very negative of this marketplace. If we managed to break above the .88 level, we think that we could have a short-term buying opportunity, but recognize that the 0.90 level will be resistance.
