AUD/USD Forecast February 6, 2017, Technical Analysis

The AUD/USD pair initially fell on Friday, but as you can see turned around to form a bit of a hammer. It looks as if the market is going to reach towards the 0.7750 level above, although it might be a bit choppy on the way out. Pullbacks of this point should continue to find support at the 0.76 handle, and thus I’m not interested in selling the Australian dollar now. This will be especially true if the gold markets rallied. Keep in mind that the positive correlation between both markets mean that you must pay attention above, and currently it looks as if the gold market is showing signs of strength.