AUD/USD forecast for the week of January 16, 2017, Technical Analysis

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Updated: Jan 16, 2017, 06:59 UTC

The Australian dollar rally during the week, slamming into the 0.75 handle. We struggled to get above there, so now it’s going to be interesting to see

The Australian dollar rally during the week, slamming into the 0.75 handle. We struggled to get above there, so now it’s going to be interesting to see where we go next. There was an uptrend line previously that would coincide with a move towards the 0.77 handle if we break out to the upside. I think the market is going to run into some significant headwinds just above, and is going to be difficult to hang onto a trade for any real length of time if we are higher. As far selling is concerned, there’s quite a bit of bullish pressure as well, so I feel that the market is probably best played off short-term charts.

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About the Author

Christopher Lewisauthor

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.