The AUD/USD rallied this morning from lows around .8210 to a session high of .8283 but the euphoria has been short-lived and the pair has slipped straight back to .8230 in the last hour or so. I still see no indication that the recent downmove is close to being finished and as I said this morning, the first sign of Sovereign selling on rallies could be the trigger for the next leg of ‘capitulation selling’. For the moment, the .8080/.8380 range is likely to contain but I for one maintain a very bearish bias.