Australian dollar has pulled back slightly on Wednesday, but what I am keeping a close eye on is the fact that the February candlestick was a shooting star.
The Australian and New Zealand Dollars are trading mixed early Wednesday after data out of China and Australia failed to generate any meaningful upside momentum. Despite economic data from China and Australia, the price action suggests investors are still eyeing the movement in U.S. Treasury yields for direction. Bullish investors are hoping that lower Treasury yields help to restore some calm to global markets and reignite demand for riskier assets.
AUD/USD settled above 0.7800 and is trying to settle above the next resistance at 0.7820.