The AUD/USD pair initially fell during the day on Monday, but as you can see found enough support to turn things back around and form a hammer. This hammer tells us that the market wants to go higher, but we need to get above the 0.9350 level in order to feel that we reenter the consolidation that leads to the 0.9450 handle. Ultimately, we believe that the market is trying to build up enough momentum to break out, which would be signified by a daily close well above the 0.95 handle. Once we get back, we are longer-term buy-and-hold type of traders.
