AUD/USD Forecast February 1, 2017, Technical Analysis

AUD/USD daily chart, February 01, 2016

The AUD/USD pair initially tried to rally during the day on Tuesday, but gave back a little bit of the gains once we get close to the 0.73 handle. Once we break above there, I believe that the market will ingrain towards the 0.7750 level above. I think that the 0.75 level underneath is massively supportive, so pullbacks offer the opportunity to pick up value in a market that has been explosively positive. A breakdown below the 0.75 level, that could bring out quite a bit of selling pressure but I do see that there’s a lot of noise underneath there as well. Pay attention to gold, it will probably lead the way.

Written by FX Empire