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AUD/USD Forecast October 3, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 1, 2016, 04:54 UTC

The AUD/USD pair initially fell on Friday, but turned around to form a hammer like candle. This is a market that continues to bounce around in this

AUD/USD daily chart, October 3, 2016

The AUD/USD pair initially fell on Friday, but turned around to form a hammer like candle. This is a market that continues to bounce around in this general vicinity, and therefore I’m not exactly excited about trading this market right now and will simply sit on the sidelines. I think that the 0.7750 level above is massively resistive, while the 0.76 level below is massively supportive. With this, I will remain on the sidelines and stay away from the Australian dollar in the meantime. As soon as we get some type of impulsive candle in one direction or another I would be more than willing to trade but until then there are easier ways to make money in the Forex markets.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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