AUD/USD Forecast January 16, 2017, Technical Analysis

The Australian dollar went back and forth during the day on Friday, as we continue to bang up against the 0.75 level. This is an area that will be resistive as it has been in the past, but ultimately, we are overextended as well. Because of this, if we can break down below the bottom of the candle, the market will probably drop from here. However, if we break above the 0.7525 level, I believe that the market will then reach towards the 0.06750 level. Either way, I expect a move soon, and now it seems as if the buyers are making the stronger case.