AUD/USD Forecast January 31, 2017, Technical Analysis

The Australian dollar initially fell during the day on Monday, but continues to find quite a bit of support near the 0.75 level. They hammer that formed during the day looks likely to push this market higher, perhaps reaching towards the 0.7750 level over the longer term. This has been an impulsive move over the last several weeks, and I believe the consolidating is what we need to do to build up enough momentum to continue going higher. The 0.74 level underneath is the bottom of the supportive level, and thus it’s not until we break down below there that I’m willing to start selling.

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