AUD/USD Forecast July 8, 2015, Technical Analysis

The AUD/USD pair initially fell during the course of the session on Tuesday, testing the 0.74 level. That area caused quite a bit of a bounce, and as a result it looks like we are going to continue to show quite a bit of volatility just below the 0.75 handle. That of course is a large, round, psychologically significant number, so it’s not a big surprise if we do continue to find ourselves attracted to that level. However, we are sellers, not buyers. We believe that a break down below the bottom of the hammer would be a nice selling opportunity, just as a resistive candle near the 0.75 handle.