AUD/USD fell and then rose on the session for Wednesday. The resulting candle was a hammer, and it looks like the Aussie will be supported after all. The
AUD/USD fell and then rose on the session for Wednesday. The resulting candle was a hammer, and it looks like the Aussie will be supported after all. The 1.05 level above should be resistive again, so we feel that the initial bounce from this candle might be somewhat limited. The daily close over that level is what we want to see in order to buy this pair. Until then, we will be watching. A breaking of the lows of the Wednesday hammer would be a massively bearish signal, and would have us aggressively short of this pair.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
