AUDUSD fell during the first three days of the last week but found support underneath the 0.7500 important support area. It then rallied back and formed a long hammer for the week. This hammer has been preceded by a hammer from the previous week as well. This could mean that the pair can now go and re-rest the up trend line that has been broker the previous week.
Trading Preference
The preference at this moment is to buy the pair as we can also anticipate a corrective move of USD as well against the other major currencies. But we must keep in mind that the up trend line that had been broken earlier could provide resistance, and an exhaustive candle around there could be a very good sign to sell the pair as well. If the pair falls below the hammer, it is very bearish for the pair.
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