The AUD/USD pair initially fell during the session on Monday, but found enough support below at the 0.94 level to turn things back around and form a big hammer. The hammer should in fact show that there is plenty of support below, but we recognize that the 0.9450 level is resistive, and we believe that the 0.95 level above should be the top of the resistance. In other words, it’s a very thick “zone”, and with that be very hesitant to buy this market until we are above the 0.95 handle, but recognize it as a nice buying opportunity when it does in fact happen.
