AUD/USD Forecast October 31, 2016, Technical Analysis

The AUD/USD pair went back and forth during the course of the day on Friday, eventually forming a bit of a hammer. The hammer of course is a very bullish sign, and a break above the top of that hammer could be a buying opportunity. I believe that the market should continue to be stuck in consolidation. With this, it makes sense that we are higher, but ultimately the market should continue to go back and forth over the next several sessions, and at this point in time we are getting very close to the bottom of the range and therefore it makes sense that the buyers return.