The AUD/USD pair fell during the balance of the session on Wednesday, but as you can see bounced enough to form a hammer. We believe this is a signal of where the market “wants” to go, but understand that would nonfarm payroll coming up on Friday we might have a bit of a fight on our hands. Because of this, we feel that waiting until we get a nice daily close above the 0.9550 level is probably the prudent thing to do. We believe there is a significant amount resistance near the 0.95 handle, so quite frankly it just isn’t going to be worth the headache between now and then.
Written by FX Empire