AUD/USD Forecast February 3, 2016, Technical Analysis

The AUD/USD pair fell during the day on Tuesday, as it looks like we are starting to roll over a little bit. Because of this, we are sellers on a break down below the bottom of the range for the day, and we think that eventually we will break down below the 0.70 level. If we do that, the market should then reach down to the 0.68 handle. We think rallies will continue to be sold as well, so until that it’s only a matter of time before the sellers take over yet again. It’s not until we break above the uptrend line that we would consider going long.