AUD/USD Forecast April 28, 2017, Technical Analysis

The Australian dollar initially tried to rally on Thursday but found the 0.75 region to be far too resistive. As a result, we have turned back around and have even pierced below the 0.7450 level. On a break below the bottom of the range for the session, I suspect that the Aussie will continue to fall rather significantly. The 0.7375 level should be somewhat supportive as it is a 61.8% Fibonacci retracement level, but quite frankly I don’t think it’s going to hold at this rate. This market desperately needs gold to turn things around to drive demand for the Australian dollar.