The AUD/USD pair managed to bounce on Friday, in order to form a bit of a hammer. What is most interesting about this hammer is that it is sitting just above the parity level. Because of this, we think a bounce could be coming in this market. With this in mind we believe that the market will offer selling opportunities at higher levels. With the risk appetite dwindling and the Chinese, German, and American economic numbers coming out weaker than expected, buying the Aussie is going to be very difficult. We are selling rallies that show weakness, and of course selling a daily close below the parity level.
Written by FX Empire