AUD/USD Forecast November 2, 2016, Technical Analysis

The Australian dollar rally during the day on Tuesday, exploding to the upside and showing real strength. However, we ended up falling a bit towards the end of the range as we are approaching significant resistance. A pullback from here will more than likely offer value on the shorter-term chart though, so we see some type of supportive candle it’s time to start buying again. I recognize that the 0.7750 level above is massively resistive, but if we break above there I think it leads into more of a “buy-and-hold” type of situation.