AUD/USD Forecast February 8, 2017, Technical Analysis

AUD/USD daily chart, February 08, 2017

The Australian dollar fell a bit during the session on Tuesday, testing the 0.76 level underneath. We found a bit of support there, and the market bounced enough to show signs of volatility. I believe longer-term the market will probably go higher based upon gold markets, but it’s not necessarily going to be an easy move. A supportive candle or a bounce is what is needed, and I believe that the support runs all the way down to the 0.75 handle. The 0.7750 level above could continue to be massive resistance and keep the market somewhat under control.

Written by FX Empire