The AUD/USD pair initially fell during the course of the day on Thursday, but found enough support near the 0.76 handle again to turn things back around and form a hammer. This hammer tells us that the market is more than likely going to continue to consolidate, and therefore we are not quite ready to start selling at this point. We believe that the market will eventually find sellers above, but the short-term buying opportunity does exist if we break above the top of the hammer for the day. On the other hand though, if we did somehow break down below the bottom of the hammer that would of course be a very negative sign.
