The US dollar has been the main currency known for a while, but the Aussie dollar has turned around to show signs of life. At this point, the AUD/USD currency pair looks as if it is trying to figure out where to go next, with so much out there causing noise that it’s difficult to get overly aggressive one way or the other. It is worth noting that the market will continue to pay close attention to the 0.69 level, as we have seen a lot of noisy behavior.

The 50 Day EMA is sitting just below the 0.70 level, and it looks as if it is going to cause a significant amount of resistance if we get anywhere near there. After all, the market is likely to continue seeing a lot of noisy behavior, therefore it’s also worth noting that a lot of technical traders will be in that general vicinity. Furthermore, we have the 0.70 level sitting just above it, and that of course will cause quite a bit of psychological resistance as well. At this point, I’m waiting for an opportunity to short this market, either based upon a long red candlestick, or perhaps an exhaustion candle.