The AUD/USD pair fell during the session on Wednesday, but as you can see bounced enough in order to form a hammer. This hammer to us suggests that we are going to see more continuation of sideways action in the near-term. In other words, this market simply will not give up the support at the moment. We believe that this market will continue to focus on the 0.90 handle overall, and as a result think it’s going to be fairly difficult to trade for anything more than a short-term move. At this moment time, we are not interested.
Written by FX Empire