AUD/USD Forecast February 11, 2014, Technical Analysis

The AUD/USD pair initially fell during the session on Monday, but as you can see bounced enough to form a hammer. The biggest problem with this hammer though is the fact that it’s just below the 0.90 handle, as well as a shooting star from Friday. With that, we think the market is simply going to bounce around between here and the 0.90 handle, and thereby making it a market that we don’t necessarily want to be involved in, let alone risk any serious money with. With that, we are on the sidelines but observing the Aussie dollar.