The AUD/USD pair broke higher on Wednesday, breaking above the top of the Tuesday session showing significant strength again. There is a lot of noise above, extending all the way to the 0.75 level, and we are a bit overextended some waiting to see whether we can get an exhaustive candle. Gold markets are starting to run into rather significant resistance as well, so if they roll over I think that it’s time to search selling the Aussie. On the other hand, if we can break above the 0.7525 level, the market will continue to go higher. However, I still prefer the downside.
Written by FX Empire