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AUD/USD forecast for the week of October 24, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 22, 2016, 04:59 UTC

The AUD/USD pair initially tried to rally during the course of the week, but found the 0.7750 level above to be a bit too resistive. By doing so, we ended

AUD/USD weekly chart, October 24, 2016

The AUD/USD pair initially tried to rally during the course of the week, but found the 0.7750 level above to be a bit too resistive. By doing so, we ended up turning back around and forming a shooting star. Because of this, it’s likely that we will drop from here but there is a significant amount of support below at the 0.75 level, so if we bounce from there would not be much of a surprise. If we broke down below there, then we could start to fall rather significantly.

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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