AUD/USD Forecast July 14, 2017, Technical Analysis

The AUD/USD pair rally during the day on Thursday, as we reached towards the 0.7750 level. That was the top of recent consolidation on the longer-term charts, so it makes sense that we pulled back from there. However, as I record this video looks as if the buyers are trying to return, and the 24-exponential moving average on the hourly chart seems to be offering a bit of support as well. Because of this, I believe that eventually we will try to break out, but Gold needs to help. The US dollar falling should continue to lift gold, and as long as the Australian dollar in the gold markets are diverging, I am a bit suspicious. However, if we break above the 0.7750 level on a daily close, there can be no argument, the market has broken out.
Patience will be needed
Patience will be needed if you to trade this market, because I see that there is plenty of volatility, but given enough time I think that the markets are at least trying to break out to the upside. I think there’s a lot of concern and misunderstanding currently, with Janet Yellen testifying. It’s probably best way for the daily breakout to finally put money to work. As tempting as this chart is, it’s likely that we will continue to see a lot of headwinds over the wires and of course a lot of confusion as summertime trading typically has less volume. In general, I’m bullish, but I recognize that we need the market to prove itself in a longer-term manner before risking any trading capital.