AUD/USD Forecast November 18, 2016, Technical Analysis

The AUD/USD pair fell on Thursday after initially trying to test the 0.75 level. We found enough resistance there to turn around and fall towards the 0.7450 level, which is the bottom of the support “zone.” If we can break down below there I feel that the market should continue to go much lower, and as a result I would be short of the Aussie dollar. This would also be a great trade if gold suddenly starts to break down, which it is sitting at low levels now. I have no interest in buying until we break well above the 0.75 level on a daily close.