AUD/USD Forecast November 16, 2016, Technical Analysis

The Australian dollar initially fell at the open on Tuesday, testing the previous uptrend line. Now that we have seen buyers in this region, it looks as if we are going to form a rather supportive candle. If we can break above the top of the range for the Tuesday session, I believe that the Australian dollar will go higher but more than likely will have to deal with quite a bit of volatility. If we break down below the 0.75 level and close below there, I think it would be a nice selling opportunity longer term.