AUD/USD Price Forecast August 24, 2017, Technical Analysis

AUD/USD daily chart, August 24, 2017

The Australian dollar started out very soft during the day on Wednesday, breaking below the 0.79 handle. However, we turned around to show signs of life again, as the market continues to hover the 0.79 handle in general. This is a market that is highly influenced by gold, which of course has been grinding a bit higher during the day on Wednesday. Because of this, it’s likely that we will see sideways action and the short-term, at least until we can figure out what the gold markets are going to do. This is a risk sensitive pair as well, so pay attention to commodities in stock markets around the world. If they go higher, typically the Aussie will as well. If we do break down from here, it’s very likely that we will go looking towards the 0.78 handle.

Written by FX Empire