The AUD/USD pair initially tried to rally during the course of the day on Friday, but turned back around as the bearish pressure continues on the Aussie.
The AUD/USD pair initially tried to rally during the course of the day on Friday, but turned back around as the bearish pressure continues on the Aussie. Even with the significant move higher and gold, the Aussie simply cannot find enough buying pressure to go much higher. With this, we believe that this market will eventually sell off, so we have to continue selling rallies and of course a break down below the bottom of the range for the Friday candle as it is a shooting star. We believe this market should head back down to the 0.72 level fairly soon.
AUD/USD Forecast August 24, 2015, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
