AUD/USD Forecast February 6, 2014, Technical Analysis

The AUD/USD pair went back and forth during the session on Wednesday, printing a neutral candle just above the 0.89 handle. That being the case, it appears the market is going to try and go higher, simply because of the fact that we didn’t go anywhere after forming such a massively bullish candle the day before. However, we believe that there is a significant amount of resistance above at the 0.90 handle, so we are not willing to start buying the Australian dollar as it has been so weak lately, and the bounce has been miniscule in relation to the longer-term downtrend.