The AUD/USD pair broke higher during the course of the session on Wednesday, testing the 0.77 handle again. The market couldn’t get above there, but it does look very strong as we closed towards the top of the range. Quite frankly, it would not surprise us at all if the Australian dollar made an attempt to get back to the 0.78 handle. However, we think it makes more sense to simply wait on the sidelines for selling opportunities as it goes with the longer-term downtrend. We have no interest in buying simply because it wouldn’t take much to shake confidence at this point.
