The Australian dollar initially fell on Thursday but found support at the previous resistance barrier, and turned around to form a hammer. Because of this, it’s likely that the buyers may return, and I believe a break above the top of the range from the session on Thursday sends this market looking for the 61.8% Fibonacci retracement level above, which is just below the 0.76 handle. Ultimately, I think we can break above there as well, and go looking for the 0.7750 level after that. It obviously would take a significant amount of momentum to get up to that level but I think that is where we are going longer term. Most recently, we have made a “higher low”, and that was always a very bullish sign and should send a clear message to traders overall.
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