AUD/USD Forecast May 25, 2016, Technical Analysis

The AUD/USD pair fell initially during the course of the day on Tuesday, but found enough support to turn things back around and form a hammer. The hammer of course is a bullish sign, so we can break above the top of it it’s likely that we will continue to go higher. However, I see a massive amount of resistance near the 0.73 level, and of course the 200 day exponential moving average. Quite frankly, any rally should be a selling opportunity, just as a break down below the bottom of the hammer would be.