AUD/USD Forecast August 26, 2016, Technical Analysis

The AUD/USD pair initially tried to rally during the course of the session on Thursday, but failed and ended up turning around and forming a shooting star. This being the case, the market is very likely to continue to go lower, and as a result we could drop from here but I also recognize that there is a lot of support just below. A break above the top of the shooting star would be bullish, but I also recognize is a lot of resistance above there. Ultimately, this is a market that I’m standing on the sidelines.