AUD/USD Forecast October 5, 2017, Technical Analysis

AUD/USD daily chart, October 05, 2017

The Australian dollar has gone higher during the session on Wednesday, as we reached towards the 0.7870 level, and then pulled back. However, we have seen a lot of support just below, so I think that the market will eventually start to rally, as the 0.7850 level looks likely to bring in buyers. I also recognize that the 0.78 level underneath is supportive, and therefore I don’t have any interest in shorting. If the gold markets can continue to rally, it will send this market higher as well as the gold and Australian dollar tend to move in the same direction. On a move above the 0.79 handle, the market should then go looking towards the 0.80 level above.

Written by FX Empire