AUD/USD Forecast August 10, 2015, Technical Analysis

The AUD/USD pair initially pulled back during the course of the session on Friday but then shot higher towards the 0.74 handle. By forming this hammer, and looks as if the market is ready to continue going higher, but the 0.75 level above should be massively resistive. At this point in time we are simply waiting for some type of resistant candle above in order to start selling again. We have no interest in buying the Australian dollar at all, as it is so highly beholden to Asian demand for commodities. With this, we remain bearish but patient.