AUD/USD Forecast November 18, 2015, Technical Analysis

The AUD/USD pair broke higher during the course of the session on Tuesday, but ultimately is still simply consolidating overall. The 0.7150 level above has offered resistance recently, and as a result we believe that it is almost impossible to start buying. As far selling is concerned though, we don’t necessarily have the right set up at this point in time as we believe the 0.70 level below is massively supportive. Short-term traders might be able to take advantage of selling opportunities, but quite frankly it’s not a comfortable trade as far as we can see.