AUD/USD Forecast February 24, 2016, Technical Analysis

The AUD/USD pair went back and forth during the day on Tuesday but turned back around to form a bit of a shooting star. The shooting star is right at the previous uptrend line that should now be resistance, an area that I suggest yesterday needed to be broken above in order for the buyers to take control. A pullback at this point in time it’s a lot of sense we can break down below the bottom of the range for the day on Tuesday, we are sellers. We think this is a short-term selling opportunity though, because there is more than enough support below to continue to cause volatility.