AUD/USD Forecast July 29, 2016, Technical Analysis

The AUD/USD pair rose initially during the course of the session on Thursday, but turned back around form a bit of a shooting star. We are sitting just above the 0.75 handle, and that’s an area that of course attract a lot of attention. I see a lot of consolidation in this area, so having said that it’s likely that the market will continue to just simply bounce around in this general vicinity. With this, I feel that there are a lot of reasons to stay away and simply trade other markets unless of course we break above the top of the massive hammer from the Wednesday session, that would have me buying the Aussie dollar.