AUD/USD Forecast April 12, 2017, Technical Analysis

AUD/USD daily chart, April 12, 2017

The Australian dollar went back and forth during the day as the 0.75 level continues to attract traders. However, gold markets are broken out so a break above the top of the candle for the session could be a buying uptrend. That’s not to say that is going to be easy, but it does certainly look like we could get a bit of a bounce. It will be volatile, but if gold goes higher, eventually the Australian dollar tends to as well. There is a massive amount of support just below, so I’m not interested in selling.

Written by FX Empire