The AUD/USD pair initially fell on Friday, but turned around to form a hammer like candle. This is a market that continues to bounce around in this general vicinity, and therefore I’m not exactly excited about trading this market right now and will simply sit on the sidelines. I think that the 0.7750 level above is massively resistive, while the 0.76 level below is massively supportive. With this, I will remain on the sidelines and stay away from the Australian dollar in the meantime. As soon as we get some type of impulsive candle in one direction or another I would be more than willing to trade but until then there are easier ways to make money in the Forex markets.
