The AUDUSD pair fell significantly during the course of the day on Thursday, but found enough support to turn things back around and form a hammer.

That hammer of course is a very bullish sign, and as a result the market should continue to find buyers every time we fall.

At this point in time though, anticipate quite a bit of volatility regardless what happens, as the market is very tight in the current area, and of course has a massive amount of support below while having quite a bit of resistance near the 0.75 handle.

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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