AUD/USD Forecast January 20, 2017, Technical Analysis

AUD/USD daily chart, January 20, 2016

The Australian dollar rallied on Thursday, showing that the 0.75 level as support. As we continue to grind back and forth just above the 0.75 level again as we see so much in the way of volatility and decision-making. I believe that we’re trying to build up enough momentum to go higher, but if we close on a daily candle below the 0.7450 level, the market should then fall. However, I think you should pay attention to the gold market, because it will have quite a bit of influence on the Australian dollar as per usual. I believe it’s probably best to wait for the market to make this decision.

Written by FX Empire