By FXEmpire.com
The AUD/USD pair fell for much of the session on Wednesday, but bounced in order to form a hammer at the end of the day. The 1.03 level looks very supportive, and a bounce from this area could be coming. In fact, if we break the top of the Wednesday range, this would be a classic buy signal. However, the pair can also be said to potentially be forming a bearish flag, and if we break below the bottom of the hammer from Wednesday, there is a very good chance that we will fall much farther. In fact, we are sellers below the 1.02 handle.
Click here a current AUD/USD Chart.
Originally posted here
