AUD/USD Forecast February 2, 2017, Technical Analysis

The Australian dollar had a slightly negative session during the day on Wednesday, as we continue to consolidate. I believe that the 0.75 level underneath is support, and the 0.75 level above is resistance. If that remains true, this is a market that won’t move much. Short-term scalpers may be interested in coming into this market and going back and forth, but beyond that I’m on the sidelines. Pay attention to the gold markets they obviously have a massive influence on the Australian dollar as the 2 markets tend to move in tandem over the longer term.

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