The AUD/USD pair went back and forth during the day on Thursday, but ultimately formed a nice-looking hammer. This hammer should be a nice buying opportunity if we break to the upside, as it should be a decent bounce just waiting to happen. However, we are very bearish of this market and recognize that sooner or later this market should continue to go lower. We look at the 0.80 level above as massively resistive. With that, we feel that this is a market that might offer a short-term buying opportunity, but quite frankly we will continue to keep a negative bias for the longer term.