AUD/USD Forecast January 29, 2016, Technical Analysis

The AUD/USD pair broke higher during the course of the session on Thursday, testing the 61.8% Fibonacci retracement level. This is a market that still remains underneath the previous uptrend line, and the fact that we did end up testing the Golden mean and failing, we believe that the markets probably can start dropping fairly soon. On signs of resistance or exhaustive candles, we are more than willing to start selling the Aussie again. If we did break above the top of the uptrend line, we would be buyers at that point in time.