The AUDUSD pair fell during the session on Wednesday, but ultimately found a little bit of support around the 0.93 level.

Above there, the market push back up and we ended up forming a hammer.

A break of the top of the hammer sends this market looking for the 0.95 handle, given enough time.

We are bullish of the Australian dollar in general, so even a pullback here should find plenty of support in our opinion down near the 0.9250 level.

In fact, we can’t short this market until we clear below the 0.92 level.

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 with the shares representing a cost-effective investment relative to investing in the FOREX market.

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