Categorized | AUD | USD

AUD/USD Forex Technical Analysis – September 12, 2017 Forecast

Shutterstock photo

The Australian Dollar is trading lower for a second session on Tuesday as the U.S. Dollar posted a strong rebound rally on improving risk sentiment after Hurricane Irma was downgraded without causing as much damage as feared.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through .8124 will signal a resumption of the uptrend. The next target area is .8162 to .8165. A trade through .7871 will change the main trend to down.

The main range is .7871 to .8124. Its retracement zone at .7997 to .7968 is the primary downside target. Earlier in the session, the Australian Dollar reached a low of .7998 before rallying back to unchanged.

Forecast

Based on the current price at .8028, the direction of the AUD/USD is likely to be determined by trader reaction to a pair of Gann angles at .8031 and .8044.

A sustained move under .8031 will signal the presence of sellers. This could lead to a break into the main 50% level at .7997. A failure at this level could trigger an acceleration into the Fibonacci level at .7968. This is followed by an uptrending angle at .7951.

A sustained move over a downtrending angle at .8044 will indicate the presence of buyers. This could trigger a surge into the next downtrending angle at .8084.

Basically, look for a bullish tone the rest of the session on a sustained move over .8044 and a bearish tone to develop on a sustained move under .8031.

This article was originally posted on FX Empire

Comments are closed.

Sign Up For A FREE Forex Intro Course Worth $97 Includes Videos + Free Video Course Below & Get The Latest FX Market News