AUD/USD fell hard during the first part of the session on Wednesday, but then shot straight up as the markets had found a footing in the US session. The resulting candle for the day is a hammer, and it looks like the 1.01 level has been supportive again. The pair looks like it wants to rally and if it does – we feel that the 1.05 area may cap any gains. The breaking of parity is needed for us to be short for the longer-term and to be more aggressive about selling. With the 1.05 area being so important, we are thinking of selling rallies at this point.
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