Those eager to trade could look to the hammer – targeting perhaps the 50-day at 0.9260. This might be confirmed by a move above yesterday's high at 0.9216 – say 0.9220 - to be on the safe side.

Note the hammers forming, highlighted on the chart. Fundamentally I like long AUD/USD on a multi-year basis because of Australia's higher interest rate (i.e. carry trade) and the U.S. high external ...