The AUD/USD pair initially fell during the course of the week but found quite a bit of support near the 0.72 level. By doing so, we ended up forming a hammer but quite frankly we have far too much in the way of resistance above to start buying now. With this, we are simply waiting to see that if we get some type of rally in order to start selling again to take advantage of “value” in the US dollar. We have absolutely no interest in buying at the moment and recognize that the pressure is most certainly still to the downside.
