AUD/USD forecast for the week of October 24, 2016, Technical Analysis

The AUD/USD pair initially tried to rally during the course of the week, but found the 0.7750 level above to be a bit too resistive. By doing so, we ended up turning back around and forming a shooting star. Because of this, it’s likely that we will drop from here but there is a significant amount of support below at the 0.75 level, so if we bounce from there would not be much of a surprise. If we broke down below there, then we could start to fall rather significantly.