AUD/USD Forecast February 20, 2017, Technical Analysis

The AUD/USD pair initially tried to rally on Friday, but then dropped down to the 0.7650 region. I think their significant support at the 0.76 handle underneath, so I’m waiting to see whether or not the market can bounce. Markets of course will be paying attention to gold, as it has such an influence on the Aussie, but right now looks as if it is going to drift a little bit lower. If we can break above the 0.7750 level, the market should then reach towards the 0.80 level over the longer term.