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AUD/USD Forex Technical Analysis – August 22, 2018 Forecast

James Hyerczyk
Updated

The Australian Dollar is trading lower shortly before the U.S. opening. The currency is trading inside yesterday’s range which suggests investor indecision and impending volatility. After a four-session rally, the Aussie’s gains are being limited by dovish talk on inflation by RBA Assistant Governor Debelle and position-squaring ahead of the release of the U.S. Federal Reserve meeting minutes at 1800 GMT.

At 1237 GMT the AUD/USD is trading .7353, down 0.0013 or -0.17%.

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Daily AUD/USD

Daily Technical Analysis

The main trend is down according to the daily swing chart. Momentum hasn’t changed, the Forex pair is merely going through a normal retracement.

A trade through .7453 will change the main trend to up. A move through .7202 will signal a resumption of the downtrend.

The main range is .7453 to .7202. Its retracement zone at .7328 to .7357 is currently being tested. Trader reaction to this zone could determine the near-term direction.

Daily Technical Forecast

Based on the early price action and the current price at .7353, the direction of the AUD/USD the rest of the day is likely to be determined by trader reaction to the Fibonacci level at .7357 and a downtrending Gann angle at .7363.

A sustained move under .7357 will indicate the presence of sellers. This could lead to a test of the 50% level at .7327. The daily chart opens up to the downside under this level with an uptrending Gann angle at .7302 the next likely target.

A sustained move over .7363 will signal the presence of buyers. This will be a potentially bullish move with yesterday’s high at .7382 the first target. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at .7408.

This article was originally posted on FX Empire

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