AUD/USD Forecast August 15, 2017, Technical Analysis

AUD/USD daily chart, August 15, 2017
The Australian dollar initially tried to rally on Monday, but then roll over. However, we have a significant amount of support below at the 0.7850 level, which is an area that we see in a significant bounce from. Because of this, it’s not until we break down below there that I would start shorting. I don’t necessarily think that to be willing to buy this pair of yet though, because there is so much in the way of noise. Ultimately, I think that given enough time the buyers will probably return, but longer-term support is to be found at the 0.7750 level underneath. That is an area that was previous resistance, and has not been retested yet. Because of this, I think the downside is somewhat limited, but it makes sense that we may drift just a little bit lower.

Written by FX Empire