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AUD/USD Forecast January 21, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 21 January 2016 06:58 UTC

The AUD/USD pair fell during the day on Wednesday, but bounced off of the lows again, and therefore ended up forming a hammer. The hammer of course is a bullish sign, and as a result we could get a bit of a bounce from here. Nonetheless, we recognize that we are in a very negative market, and therefore we don’t really like the idea of buying anyway. A break down below the bottom of the hammer is very negative, and would have us selling rather rapidly. Regardless, we feel the Australian dollar has more room to the downside.

AUD/USD Forecast January 21, 2016, Technical Analysis

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