The AUD/USD pair initially fell during the session on Tuesday, but as you can see bounced enough to form a hammer. The hammer sits just below the 0.93 handle, an area that should be somewhat resistant. However, there is the possibility that we do breakout, but we still feel that this market is deftly bearish. The 0.95 level above should cause quite a bit of resistance as well, so we are very hesitant to go long. In fact, the higher this market gets, at least until it gets above the 0.97 handle, the more interested we are in selling it on resistive candles.
Written by FX Empire