AUD/USD Forecast August 31, 2016, Technical Analysis

The Australian dollar fell during the day on Tuesday, as we continue to see weakness. We are approaching the 0.75 level below. This is an area that has offered quite a bit of support and resistance in the past, so we can break down below there I feel that the market will continue to go lower. Any bounce at this point in time will more than likely offer a selling opportunity above, on signs of an exhaustive candles. Nonetheless, I do believe that this is a short-term trader’s type of environment so therefore anytime you start to collect profits, you may want to think about taking them.

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