The AUD/USD pair fell initially during the course of the session on Wednesday, but turned around to form a nice-looking hammer. This suggests that there are buyers underneath looking to try to break this market out to the upside and clear the 0.7750 level. A move above there should send this market looking for the 0.80 handle, which is my longer-term target. Pullbacks continue to offer value, and I believe that the gold markets could be a catalyst for more bullish pressure as well, as they look very healthy. Ultimately, I don’t have any interest in selling anytime soon.
Written by FX Empire