The AUD/USD pair try to rally during the session on Thursday, but as you can see found enough resistance just below the 0.90 level to pull back and form a hammer. This hammer is formed at the right spot to suggest that the Australian dollar may weaken from here, and quite frankly we are still in a pretty significant downtrend. With that being said, the nonfarm payroll number comes out today, and that of course will have a massive effect on the value the US dollar in general. Because of this, we are going to wait until after the session in order to place a trade.
