AUD/USD Forecast February 22, 2016, Technical Analysis

The AUD/USD pair initially fell on Friday, but turned back around to form a somewhat positive candle. However, there is quite a bit of resistance above and as a result we are not willing to start buying this particular market right now. On the other hand, if we can break above the 0.7250 level, which is the top of a shooting star, we would be buyers. Keep in the back of your mind that the weekly candle is a hammer pressing up against a resistive barrier. Sooner or later, something’s going to have to give.