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The AUD/USD pair fell during most of the trading day on Thursday, but did manage to balance in order to form a nice-looking hammer. It appears that the 1.04 level was massively supportive at this point time, and the real challenge is going to be getting over the 1.05 level as the pair rises.
The Australian dollar should continue to benefit from expanded quantitative easing out of the Federal Reserve, and as such we think this market could continue much higher. The 1.06 level looks to be rather resistive based upon the shooting star that formed last week, so that will be a challenge. However, we think that over the long run the Australian dollar will win out as commodities continue to rise in value. This will be especially true gold. As for selling, we have no interest in doing so.