The AUD/USD pair fell significantly during the day on Tuesday but found enough support at the 100-exponential moving average to turn things around and form a hammer. Because of this, I think it’s only a matter of time before we break out to the upside. The 0.7750 level will be targeted, and I believe that we continue to find quite a bit of support at the 0.75 level underneath. Given enough time, the volatility will give way to the bullish pressure. Pay attention to gold, it obviously has a positive correlation to this market.
Written by FX Empire