AUD/USD Forecast May 23, 2016, Technical Analysis

The AUD/USD pair went back and forth during the day on Friday, as we had formed a supportive looking hammer on Thursday. Because of this, it’s very likely that the markets will find an opportunity to go higher, and when they do they will probably have to deal with the .73 level above which should be resistive. On the other hand, we also have the 200 day exponential moving average above there, so this point in time this is not a market that we are willing to buy. A break below the bottom of the hammer however is a nice selling opportunity.