AUD/USD Forecast May 16, 2016, Technical Analysis

AUD/USD pair broke down during the day on Friday, clearing the 0.73 level to the downside. By doing so, it looks as if we can break down from here but it is going to be a grind as there is quite a bit of noise and more importantly support just underneath current levels. We have no interest in buying this market until we get above the 0.74 level as it would clear quite a bit of noise just above support. Until then, we have more of a negative bias, but don’t have the signal yet.