AUD/USD Forecast August 31, 2017, Technical Analysis

AUD/USD daily chart, August 31, 2017

The Australian dollar has been sold off rather aggressively during the session on Wednesday, as the sellers stepped in just below the 0.80 level. Now that we are approaching the 0.79 handle, it is likely that we will see a significant amount of support. If we can break above the 0.7920 level, I feel that the market will make another attempt to reach towards the 0.80 handle. Alternately, a breakdown below the 0.7875 level should send this market much lower. Expect volatility, it certainly has come back to the currency markets in the last several days.

Written by FX Empire