AUD/USD Forecast February 9, 2016, Technical Analysis

The AUD/USD pair went back and forth during the course of the session on Monday, showing that there is quite a bit of confusion in this market. With that being the case, we think that there is still a significant amount of support near the 0.70 level below. It’s hard to imagine the market breaking down below there significantly, and at this point in time it’s very likely that we will continue to see quite a bit of volatility. The Australian dollar has quite a bit of resistance just above as well, so quite frankly this is going to be a very difficult market to be involved in.