AUD/USD Technical Analysis September 6, 2011

The AUD/USD pair fell on Monday, but bounced in the later hours of the session to form a candle that looks suspiciously like a hammer. The 1.05 support level seems to be holding, and if it does – we will certainly see higher prices. The candle isn’t a classic hammer, as the body is a bit too long, but we are seeing buyers come in at these levels, or at least sellers laying off of the markets. Either will make this pair rise, and as long as we are above the 1.05 level, we are willing to buy dips on the shorter time frames.

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