AUD/USD Forecast May 17, 2016, Technical Analysis

The AUD/USD pair tried to rally during the day on Monday, and did manage to get above the 0.73 level, but could not hang onto the gains in the end. It looks as if there is a significant amount of resistance above, and as a result it’s likely that we will see selling pressure sooner or later. If we break down below the bottom of the range for the day, we could continue to grind much lower. On the other hand, if we break above the 0.74 level, we would be buyers.

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