AUD/USD Forecast August 24, 2016, Technical Analysis

The AUD/USD pair initially tried to rally but we turn right back around to form a shooting star. The shooting star of course is a negative sign. A break down below the bottom of the shooting star suggests that the market is going to possibly drift lower. If we can break above the 0.7675 handle above, the market should continue to go much higher. However, I see quite a bit of resistance and therefore I think this is probably a market that’s very likely to go choppy again and again. At this point, I’m on the sidelines.