AUD/USD Forecast July 21, 2016, Technical Analysis

The AUD/USD pair fell initially during the course of the session on Wednesday, falling but finding a little bit of support just below. With this, the market continues to look a little bit soft, but at this point in time I feel that there’s only a matter of time before the buyers return as there is so much noise below. Also, gold has looked fairly strong over the last several months, so the Australian dollar might get a bit of a knock on effect as well. With this, I’m bullish but I don’t see a reason to go long quite yet.