AUD/USD Forecast September 5, 2016, Technical Analysis

The Australian dollar initially rallied during the course of the day on Friday, but turned right back around to form a bit of a shooting star. This suggests that we may drop from here but I also see quite a bit of support at the 0.75 level just below. In other words, it’s not going to surprise me to see this market drop, and then turn right back around as we bounced. In other words, it’s probably best to stay on the sidelines at this point in time, because this looks like a very confused pair.