AUD/USD Forecast May 12, 2016, Technical Analysis

The AUD/USD pair fell initially during the course of the session on Wednesday, but turned right back around to form a hammer. A break above the top of the hammer would be a buying opportunity and the 0.73 level below should continue to be very supportive. With this, we believe that the market will try to get towards the 0.75 level, and then possibly the 0.78 level after that. At this point in time, it looks as if the 0.73 level below continues to be a bit of a “floor” in this marketplace.