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AUD/USD Forecast February 12, 2018, Technical Analysis

Christopher Lewis
Updated
The Australian dollar has rallied a bit during the trading session on Friday, as we have broken above the 0.78 level. Ultimately, this is a good sign, as we are trying to fight around the 50% Fibonacci retracement level. I think that it could be very noisy, but pay attention to gold, it could give us a bit of help.

The Australian dollar has rally during the trading session on Friday, breaking above the 0.70 level. The market looks as if it is trying to find a bit of buying pressure in this area, but keep in mind that the gold markets will have a massive influence on the Australian dollar. If we can break above the 0.7850 level, then I think were ready to go higher. Until then, I would anticipate that we see a lot of noise in his in this area, as it is a major region. Ultimately, I think that the market will continue to be noisy, but I think eventually we will see buyers come back into the market to reach towards the 0.80 level, which is the major level going back decades that I’m paying the most attention to.

If we can break above the 0.81 handle, extensively a fresh, new high, would send this market much higher, reaching towards the 0.85 level above. Ultimately, I think that this market will eventually be a “buy-and-hold” trade once we get above there, but between now and then we will have to do a lot of work. It is because of this that I think if you do by this pair, you should add small bits and pieces along the way to build a larger core position as the market works in your favor. Alternately, if we break down below the 0.7750 level, then it’s probably time to step back and look for signs of support again.

AUD/USD Video 12.02.18

This article was originally posted on FX Empire

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