AUD/USD forms a hammer candle

The AUD/USD crushed the 2007 year low support level at 0.769. During some earliest trading sessions, the pair managed to tick higher from the last day close at 0.780 to the weekly PP at 0.783. However, a significant slump to the downside followed, briefly touched the weekly S1 at 0.765, before sliding even lower. At the time of writing, the pair formed a hammer candle and corrected to the upside.

The market has lost some portion of bulls lately since 62% of all are buying, down 8% from the last update. The 50– pip pending orders are set to be sold mostly as 69% of traders are looking forward for the pair's depreciation.