The AUD/USD pair fell hard during the session on Wednesday, as GDP numbers out of that country came in a bit light. Because of this, it had people running from the Australian dollar, and we did in fact break the bottom of the hammer that had formed on Tuesday. However, you can see that the 0.90 level did offer support as anticipated, and because of that we did not short this market. Actually, we would love to see some type of supportive candle here in order to play the bounce to the upside, but if we get a daily close below 0.90, we would have to start looking for the market to fall down to the 0.88 handle.
Written by FX Empire