The AUD/USD pair fell during the session initially on Thursday, but found enough support to turn things back around and form a hammer. It now looks like
The AUD/USD pair fell during the session initially on Thursday, but found enough support to turn things back around and form a hammer. It now looks like the 0.88 level is supportive, and we could bounce back to the 0.90 level. Because of that, we think that there could be short-term buying opportunities on a break above the top of the hammer, but truthfully we are more comfortable selling at higher levels and simply will stay out of the marketplace. On a break below the bottom of the hammer, we feel that this market will go back down to the 0.8650 handle.
AUD/USD Forecast October 3, 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.
