AUD/USD Forecast February 4, 2016, Technical Analysis

During the session on Wednesday, the Australian dollar absolutely exploded off of the 0.70 handle. However, there is an RBA Monetary Policy Statement coming out after the end of the session, so we could get a bit of volatility. Simply put, if we can find this market closing above the uptrend line that has previously been planted on this chart, we would be buyers. On the other hand, if we get an exhaustive candle we would be sellers. Regardless, there will be easier trades to take against the us dollar the moment that won’t have central bank interference.

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