The AUDUSD pair initially fell during the course of the day on Monday, but turned back around to form a hammer.

The hammer of course is very supportive, but there is quite a bit of noise just above. That being the case, we feel that the market rallying from here will find quite a bit of noise all the way up to the 0.73 level.

With this, any type of exhaustive candle above will more than likely be a nice selling opportunity as we have been in such a massive downtrend over the last several weeks.

Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the Aussie dollar without a FOREX account.  The ETF looks to track the price of the Aussie dollar (AUDUSD), minus ETF fee. The fund seeks to reflect the price of the Aussie dollar (AUDUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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