AUD/USD Forecast August 18, 2017, Technical Analysis

AUD/USD daily chart, August 18, 2017

The Australian dollar initially tried to rally during the day on Thursday, but turned around to form a pretty negative move. However, if we can stay above the 0.79 level, it’s likely that we will eventually find buyers. A breakdown below the 0.79 level would be bearish enough to have me looking for the 0.75 zero level underneath. Pay attention to gold, it could have a bit of influence as it typically does, and therefore watching both charts will be crucial. If we do break to the upside, the market should then go to the 0.80 level above, which is massively important based upon the decades long charts that I look at occasionally. If we can break above the 0.0 level, the market should continue to go much higher.

Written by FX Empire