The Australian dollar has initially tried to rally during the session on Wednesday but found enough resistance above to turn around and fall towards the 0.7350 level. That’s an area that offered a significant amount of support as we ended up forming a hammer on Tuesday, but I think that if we break down below there it could have the Australian dollar unwinding rather drastically.
On the other hand, if we were to break above the top of the candle for the session on Wednesday, then the market could go looking towards the 0.75 level above. This pair will be very sensitive to the overall attitude of risk appetite, which of course is moving back and forth due to toxic trade tariffs and the like.
Beyond that, pay attention to the Gold markets, as they tend to have a significant amount of influence on the Aussie dollar in general, and of course the US dollar.
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