The AUD/USD pair fell slightly at the beginning of the Wednesday session, but bounced back in order to form a hammer above the 1.0350 level. Because of this, it does look like we are about to see a bit of a bounce, but we need to move the market above the 1.04 level in order to be convinced. If we get the daily close above the 1.04 level, then we are comfortable going long of the Australian dollar as we think ultimately goes higher anyway. As far as selling is concerned, we need to break down below the 1.03 level on a daily close in order to consider it.
Written by FX Empire