The AUD/USD pair initially dipped during the session on Monday, but found support at the 1.04 level yet again in order to form a little bit of a hammer. It shouldn’t be confused with a strong hammer, but the fact that the Friday candle was so supportive, and was printed just after the fairly supportive Thursday candle, this does make a statement at the 1.04 level could be a bit of a “floor” in this market. That being the case, we are more than willing to start buying at this point in time in order to aim for the 1.06 level yet again.
Written by FX Empire