The Australian dollar has bounced a bit during the trading session on Tuesday as we have seen a huge move in favor of the greenback against almost everything. At this point, the Australian dollar had gotten oversold so therefore we are trying to recover a bit. That being said, it does not mean that the trend has changed, and it doesn’t mean that you should be a buyer.

At this point, the 0.68 level should be short-term resistance, right along with the 0.6850 level. Any bounce at this point in time that shows signs of exhaustion, will be thought of as a selling opportunity. I would be especially interested in the 0.6850 level, because it has proven itself to be important multiple times. Even if we break above there, then I would be paying close attention to the 0.70 level, which should also cause issues.