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The AUD/USD pair rose during the session on Wednesday as the Australian dollar bounced from the 1.0250 handle. However, we have been bouncing around so much lately that it is hard to tell exactly what the market wants to do. We think the 1.04 level will be crucial in order to get the buyers back on board, and until we can clear that shooting star from a few sessions ago, we are very leery of going long.
With all of the headline risks out there and the markets selling off in general, we don't feel comfortable buying the Australian dollar until the aforementioned conditions are met. In the meantime, we will be waiting to see if that happens, or if we form some type of bearish pattern on a tighter timeframe.