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The AUD/USD pair rallied during the course of the session on Friday, but gave back quite a bit of the gains in order to form a shooting star. The shooting star of course is very negative, but I do recognize that the 0.75 level below will continue to offer support. If we can break down below the most recent low, I think the market could continue to go much lower. Ultimately, rallies at this point in time should be selling opportunities on short-term charts as well, and as a result I think it’s only a matter of time before we have negativity enter the market. Once we break down, I believe that we will more than likely reach towards the 0.73 level. That’s an area that causes quite a bit of support as far as I can tell, and as a result it’s likely that we will get a slight move lower, but it will only be short-term at best. Any break above the top of the shooting star for the session on Friday will send this market looking for the 0.7675 level.
