AUD/USD Forecast January 5, 2017, Technical Analysis

The AUD/USD pair rallied on Wednesday, as we continue to see bullish pressure in the Australian dollar after the base that seems to be trying to form near the 0.7150 level. However, I think that this rally is simply a matter of the market being oversold, and that we will find sellers above. My suspicion is that they are waiting somewhere near the 0.73 level, perhaps the 0.7350 handle. Gold markets are very bearish overall, so sooner rather than later I think the bearish pressure will return to the Australian dollar. I have no interest in buying.