AUD/USD Forecast January 4, 2017, Technical Analysis

The Australian dollar rallied on Tuesday, as we continue to consolidate. This is a market that is a little bit oversold, so either consolidation or a bounce is needed to attract more sellers. Pay attention to the gold markets, they have been bearish lately, but also seem a little bit oversold. Because of this, we could get a bounce but I feel that will only offer value in the US dollar, and I would be looking for an exhaustive candle to start selling again. Don’t really have a case for buying the Australian dollar currently.