AUD/USD Forecast February 5, 2016, Technical Analysis

The AUD/USD pair rallied during the session on Thursday but pullback enough to form a bit of a shooting star. The shooting star sits right at the 0.72 handle, and of course the previous uptrend. Because of this, we feel that it is not until we break above the top of the range for the session on Thursday that we could be buyers now. On the other hand, if we break down below the bottom of the range for the session on Thursday, and the US dollar is strengthening overall, we would not hesitate to start selling and aiming for the 0.70 handle.