AUD/USD Forecast October 19, 2016, Technical Analysis

The AUD/USD pair initially tried to rally during the day on Tuesday, but turn right back around form a bit of a shooting star. The shooting star of course is likely a sign that we have reached as high as we can, and with that being the case I feel that the market will roll over again. The 0.75 level below continues to be massively supportive, and as a result it’s likely that we will contain the market within the consolidation area between the 0.75 level on the bottom and of course the 0.77 level above. At this point, I think it’s simple back and map choppy trading.

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