The AUD/USD pair went back and forth during the session on Tuesday, eventually forming a hammer. The hammer is focused around the 0.98 handle, and as a result we think that this pair will more than likely bounce from here. This has been our thesis so far anyway, but we would eventually get a bit of a bounce to retest the parity level for resistance. We believe that level will more than likely offer a selling opportunity, and as a result we are willing to sell resistive candles. However, if we managed to break above that level on a daily close, we would be willing to buy at that point.
Written by FX Empire