AUDUSD fell last week breaking below major support levels but then turned around to form a hammer on the weekly chart. This is a very bullish sign.

When we look at the daily chart, a massive pin bar on Wednesday is followed by a confirmatory bullish candle. All these happened with high volume.

The pair is now in a consolidation phase. A break above the consolidation as shown on the 4-hour chart below could send this pair looking for 0.6900.

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Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.