AUD/USD Forecast May 4, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Wednesday, 04 May 2016 06:01 UTC
The AUD/USD pair fell significantly during the course of the session on Tuesday, crashing into the 0.75 support level. I believe that there is support all the way down to the 0.74 level, so a supportive candle could be reason enough to start buying if we get one on a daily close. In the meantime, it’s probably best to step away from the Australian dollar as the Reserve Bank of Australia surprise the markets with an interest-rate cut yesterday. With this, we will continue to monitor the Australian dollar, but stand on the sidelines currently.

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