Good day traders!

Aussie dollar closed with a bullish hammer candle and has since reached levels near 1.03.
Is this bullish momentum going to last?20130228-204038.jpg

We are looking at the pair attempting to breach the 1.03 level and testing 1.0356 when that happens.

On the 4h time frame we still see the pair in a downtrend channel but if this bullish momentum grows some legs during the US session, we could see the 1.0356 level being reached.

To more profitable trading!

~ Ardy
Currency Strategist