The AUDUSD pair has rejected the major long term support level of 0.865 this week and pushed higher overnight. The shorter term timeframes point to a flag coming into play, which is likely to provide another leg higher in the near future. The daily chart below shows yesterday’s hammer formation which led to a strong round of buying today. This move, coming at the end of a massive downturn in the pair was always pretty likely to see a bounce and it will be interesting to see how far this can go. On the hourly chart, there is a flag formation in play, which is a continuation pattern. I would expect that any further ... (full story)