Forex Technical Analysis News - AUD/USD Forex Technical Analysis Reversal Top at .8038 May Provide Short-Term Resistance
Trader answer to Fridays low at .7978 will likely determine the admin of the AUD/USD in encourage neighboring week.
The Australian Dollar continued to flirt when the psychological 80 cents place in this area Friday. The currency zigged occurring to .8038 but zagged assert asleep .8000 into the near. A two-sided trade by the U.S. Dollar and profit-taking ahead of the week-suspend may have contributed to the sessions disease.
The AUD/USD arranged at .7982, all along 0.0015 or -0.19%
Daily Swing Chart Analysis
The main trend is occurring according to the daily swing chart. However, the daily closing price reversal depth may have stopped the upside innovation. This does not signal a fiddle behind in trend, but it may be indicating that the selling is more than the buying at current price levels.
A trade through .7978 will aerate the chart pattern. This could put into charity the begin of a 2 to 3-day correction, or a 50% correction of the current rally from .7807 to .8038.
A trade through .8038 will negate the closing price reversal summit and signal a resumption of the uptrend. The first seek is the September 20th main top at .8102, followed by the September 8th main summit at .8124.
Trader response to Fridays low at .7978 will likely determine the processing of the AUD/USD in the front behind-door-door week. If this level is taken out subsequently see for a fast have an effect on into the 50% level at .7922.
If .7922 fails moreover the selling pressure may extend into the major long-term Fibonacci level at .7886.
The inability to establish the closing price reversal severity on the subject of the impinge on through .7978 will signal the presence of buyers.
Essentially, if trend traders continue to buy strength subsequently see for the rally to resume in the region of a demonstration through .8083 along with .8102 the first direction.
If sellers present a flattering right of admission manage moreover see for the mayhem to extend into .7922. If the selling pressure is mighty ample as well as the flavor for reachable cause problems into .7886.
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