AUD/USD Forecast May 31, 2016, Technical Analysis

The AUD/USD pair initially fell during the course of the day on Monday, but turned back around to form a hammer. The hammer of course is very supportive, but there is quite a bit of noise just above. That being the case, we feel that the market rallying from here will find quite a bit of noise all the way up to the 0.73 level. With this, any type of exhaustive candle above will more than likely be a nice selling opportunity as we have been in such a massive downtrend over the last several weeks.