AUD/USD Forecast October 20, 2016, Technical Analysis

The AUD/USD pair initially tried to fall during the course of the day on Wednesday but found enough buyers to continue to push this market towards the 0.7750 level, which of course is a larger barrier that will be difficult to overcome. I think pullbacks will continue to be buying opportunities and potential value plays, and as a result they could be used. However, an exhaustive candle here could very well offer a short-term selling opportunity in a market that has been very range bound. If we get above the 0.7750 level, we should then go higher on a longer-term move.

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