AUD/USD Forecast February 8, 2017, Technical Analysis

The Australian dollar fell a bit during the session on Tuesday, testing the 0.76 level underneath. We found a bit of support there, and the market bounced enough to show signs of volatility. I believe longer-term the market will probably go higher based upon gold markets, but it’s not necessarily going to be an easy move. A supportive candle or a bounce is what is needed, and I believe that the support runs all the way down to the 0.75 handle. The 0.7750 level above could continue to be massive resistance and keep the market somewhat under control.