The AUD/USD pair fell during the beginning part of the session on Thursday, but turned around and formed a hammer. This hammer, although it looks to be supportive, appears to us to be more consolidation than anything else. We are sitting just below the 0.88 level, which of course is a major one, and as a result we think that the markets is going to go sideways and will be very difficult to trade at this moment. We still prefer the Australian dollar to the downside, but right now don’t really have any set up worth risking money on.
