The AUD/USD pair had a very negative session during the Thursday, lunging all the way down to the 0.98 handle. Even more impressive was the fact that the sellers managed to break the bottom of a perfect hammer that had been formed on Wednesday. This normally signals quite a bit of strength in one direction or the other, and now that we have broken below the bottom of this candle, it does suggest that the sellers are still fairly heavy in the market. That being the case, we still believe that rallies will be events to be sold going forward.
Written by FX Empire