The AUD/USD pair fell during the beginning of the Tuesday session, but bounced in order to form a hammer. This suggests that we are seeing a build up the pressure against the 1.04 level, and as such we could finally break through it. If we managed to do so, this opens the gates to the 1.06 level as it was the top of the massive consolidation area we’ve been trading in since July. With this in mind, we believe that a long position initiated once the market is 1.0425 should be a solid trade.
Written by FX Empire