AUD/USD Forecast November 17, 2016, Technical Analysis

The AUD/USD pair fell during the day on Wednesday, breaking through the 0.75 handle. I think that the support extends all the way down to the 0.7450 level though, so having said that it’s likely that the market will continue to struggle in this area. If we can breakdown below the 0.7450 level, the market could come undone at that point. Any rally should end up being a selling opportunity given enough time anyway, so I am bearish overall as not only has the Australian dollar broken down below an uptrend line, but the markets have been fairly soft as well.