The AUD/USD pair fell during the session on Wednesday, breaking down to the 0.9350 handle. However, we got enough of a bounce in order to form a hammer, and it does look like the market is ready to head back towards the 0.95 handle again. That area of course has been very resistive in the past, and as a result we don’t expect it to break the right away. Nonetheless, we think that momentum is picking up for the buyers, and that we will eventually do so. Short-term traders can go ahead and buy on a break of the hammer for the session on Wednesday, and those of you who are looking more long-term I did may want to wait until we clear the 0.95 handle.
Written by FX Empire