AUD/USD Forecast August 5, 2016, Technical Analysis

The AUD/USD pair rose slightly during the day on Thursday, as we continue to see bullish pressure. However, the 0.77 level above continues offer resistance, so we need a break above there before we can start buying again. I believe the pullbacks offer support, and that the 0.75 level below there should be essentially a “floor” in this market. The Australian dollar continues to follow gold, which of course looks very bullish at this point in time. With this, I think a break out is coming, it’s just a matter of time before we see it.