AUD/USD Forecast May 1, 2017, Technical Analysis

The AUD/USD pair initially fell on Friday but found enough support at the 50% Fibonacci retracement level to bounce a bit. If we can break above the 0.95 handle, the market should continue to go higher. Ultimately, if we break down below the bottom of the range from the Thursday session, the market will then reach towards the 61.8% Fibonacci retracement level below. The Australian dollar is highly influenced by the gold markets, so a bounce in that market could cause the bounce above the 0.75 handle. However, if we break down below the $1240 level in the gold market, the Aussie dollar will collapse.