USD/JPY and AUD/USD Forecast August 20, 2018
aud usd forex technical analysis strengthens over 7357 weakens under 7327
AUD/USD Forex Technical Analysis –Strengthens Over .7357, Weakens Under .7327
Based on the current price at .7345, the direction of the AUD/USD into the close is likely to be determined by trader reaction to the 50% at .7327 and the 61.8% level at .7357. Holding inside .7382 and .7238 will suggest investor indecision and impending volatility. I don’t think the AUD/USD will stay inside this zone too long, however.
The Australian Dollar is trading higher at the U.S. mid-session, following through to the upside after Friday’s dramatic recovery was fueled by the ousting of one prime minister and the appointment of another. Increased demand for risky assets as well as dovish comments from Fed Chair Jerome Powell on Friday have also been supportive.
The main trend is down according to the daily swing chart. A trade through .7382 will change the main trend to up. A move through .7202 will signal a resumption of the downtrend with .7159 the next downside target.
The minor trend is also down. The new minor bottom is .7238.
The main range is .7453 to .7202. Its retracement zone at .7327 to .7357 is currently being tested. The near-term direction of the AUD/USD will be determined by trader reaction to this zone. 50 Usd To Aud
Based on the current price at .7345, the direction of the AUD/USD into the close is likely to be determined by trader reaction to the 50% at .7327 and the 61.8% level at .7357.
Taking out .7357 late in the session will indicate the buying is getting stronger. If this creates enough upside momentum then look for the rally to possibly extend into the main top at .7382. This is a potential trigger point for an acceleration to the upside. The daily chart shows there is room to run with .7453 the next potential upside target.
A failure to hold .7327 will signal the presence of sellers. If this level fails then look for a possible retracement of the first leg up from .7238. This level is approximately .7294.
Holding inside .7382 and .7238 will suggest investor indecision and impending volatility. I don’t think the AUD/USD will stay inside this zone too long 50 Usd To Aud , however.
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50 Usd To Aud
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