The AUD/USD pair initially fell during the course of the session on Wednesday, finding support near the 0.7650 level. Ultimately, the market looks as if it wants to go higher though, because we ended up forming a hammer. With that being the case, the market looks as if it is ready to start grinding its way back towards the 0.80 level, but we recognize that the level is probably the “ceiling” in this market. Ultimately, we believe that the market won’t go above there, so we think a short-term buying opportunity may present itself, but at this point in time we would be very cautious buying.
