AUD/USD Forecast October 21, 2016, Technical Analysis

The AUD/USD pair fell rather significantly during the course of the day on Thursday, forming a very significant bearish candle. In that being the case it’s likely that the markets will continue to see quite a bit of volatility and push back from the 0.7750 level. That’s an area that has been rather resistive in the past, and the top of the consolidation area. Because of this, it’s likely that we will try to reach down towards the 0.75 level which is the bottom of the consolidation area that we have been in for some time.