The AUD/USD pair broke higher during the Wednesday session, tripping the buy orders that would’ve been at the top of the hammer from the Tuesday session, and formed a candle the looks very much like a hammer in its own right. This looks like a market that’s trying to grind higher, and although there are shooting stars to contend with in the next couple of handles, it does look like we’re going to go in trying to test the 1.04 level. With that being the case, we are willing to buy on a break of the highest from the session on Wednesday, and aim for at least 1.04 and possibly even higher if we can break through that level relatively quickly.
Written by FX Empire