The AUD/USD pair initially fell during the course of the day on Tuesday, but found enough support below to turn things back around and form a hammer. The
The AUD/USD pair initially fell during the course of the day on Tuesday, but found enough support below to turn things back around and form a hammer. The hammer of course is a positive sign, and as a result we feel that this market will go higher from here. If we can get above the 0.88 level, we could go as high as 0.90 given enough time, but we still believe that ultimately this pair will continue to fall. On the other hand, if we break the bottom of this hammer, it’s very likely that we will break down and head to the 0.85 level.
AUD/USD Forecast October 1, 2014, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
