AUD/USD Forecast July 5, 2016, Technical Analysis

The AUD/USD pair broke above the 0.75 level during the day on Monday, but we are still below the pressure that had formed a shooting star from the previous week. Because of this I believe that the market is bullish but it is going to run into a little bit of trouble just above. I think short-term pullbacks will be needed in order to go long, and that this is a market that has so much support below that it’s difficult to short at this point in time. Having said that, we do get a Reserve Bank of Australia interest-rate decision today, so that of course could change everything.