AUD/USD Forecast February 1, 2016, Technical Analysis

The AUD/USD pair went back and forth during the day on Friday, essentially settling on a neutral candle. Ultimately though, it is very likely that we will struggle above, as the previous uptrend line should now be resistive. The market will more than likely find support at the 0.70 level, but given enough time we should find quite a bit of volatility and therefore it is going to be difficult to get involved. The market is still influenced by gold which is going higher, but there are a lot of concerns out of China which pulls this particular currency in the other direction.