The AUD/USD pair initially fell during the day on Friday, but found a bit of support to turn things back around and form a hammer. This hammer is not reason to start buying now, but rather suggests that we could get a little bit of a bounce in order to continue selling yet again. The 0.80 level was significantly supportive in our opinion, and the fact that we broke down below it shows just how weak the Australian dollar is. Ultimately, we believe that this pair goes down to the 0.75 level given enough time.
