Tuesday evening (11-08-11) we had the Australian trade balance release which came in less than the expected 3.02B and actual was 2.56B. The AUD/USD continued to decline (about 70 pips) after the release until about 2:30am EST. The technical resistance levels still come into play as we remain below the 23.6% Fib level at 1.04297 along with the 200 and 100 Day Moving averages. However if equities continue to rally I would remain on the sidelines and wait for confirmation before selling this pair.
