The AUD/USD pair initially broke down below the 0.9250 level during the session on Friday, but from enough support to push things back around and form a massive hammer. This hammer of course suggests that there are buyers come into the marketplace in it should be noted that the gold markets did something very similar. With that being the case, we feel that the Australian dollar should continue to go higher, but it could be a little bit sluggish until we get above the 0.93 handle. Breakdowns below the bottom of the hammer would have this market looking for the 0.91 handle.
