AUD/USD Forecast October 14, 2016, Technical Analysis

The Australian dollar fell significantly during the day on Thursday, reaching down towards the 0.75 level below, which of course is a fairly supportive and large number for the market to deal with. Ultimately, we ended up forming a bit of a hammer which of course is a very bullish sign. That bullish sign should trigger some buying on a break above the top of the hammer, and that could very possibly send this market all the way to the 0.77 handle after that. With this, a break down below the 0.75 level would be very negative.