AUD/USD forecast for the week of May 16, 2016, Technical Analysis

The AUD/USD pair broke down below the 0.73 level during the course of this week, but as you can see there’s a lot of noise just below so it’s going to be difficult to short the Australian dollar even though we do believe that the market is going to fall. On the other hand, if we can break back above the top of the range for the week, we would start buying the Australian dollar yet again. At this point in time, longer-term trades are all but impossible in our estimation.