AUD/USD Forecast – Aussie Dollar Could Trade above 0.7620 Vs US Dollar

AUD/USD Forecast – Aussie Dollar Could Trade above 0.7620 Vs US Dollar

  • – The Aussie Dollar gained bullish momentum after testing the 0.7535 support against the US Dollar.
  • – There is an ascending channel pattern with support at 0.7588 forming on the hourly chart of AUD/USD.
  • – Recently in the US, the Dallas Fed Manufacturing Business Index for June 2017 was released, which came in at 15, down from 17.2.

 

Dallas Fed Manufacturing Business Index

Recently in the US, the Dallas Fed Manufacturing Business Index for June 2017 was released. The market was positioned for a minor decline from the last reading of 17.2 to 16.0.

 

However, the actual result was on the lower side, as Dallas Fed Manufacturing Business Index declined from 17.2 to 15 in June 2017. The report added that “The production index—a key measure of state manufacturing conditions—fell 11 points to 12.3 but remained positive. The new orders and growth rate of orders indexes fell several points each, coming in at 9.6 and 4.7, respectively.”

 

Overall, the AUD/USD pair is likely to move further higher and trade above the 0.7600 handle in the near term.

 

AUD/USD Technical Analysis

The Aussie Dollar after trading towards the 0.7540 and 0.7530 support levels against the US Dollar gained bids and started moving higher. The AUD/USD pair traded higher and broke the 0.7555 resistance to gain momentum.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair cleared the 23.6% Fib retracement level of the last decline from the 0.7623 high to 0.7534 low. The best part was a close above the 0.7570 resistance and the 100 simple moving average.

 

The upside move is very positive, as the pair moved above the 50% Fib retracement level of the last decline from the 0.7623 high to 0.7534 low. There is an ascending channel pattern with support at 0.7588 forming on the hourly chart, which is likely to play a major role in the near term.

 

As long as the pair is above the channel support at 0.7580, there are chances of further gains above 0.7600 and 0.7620. On the downside, the 100 hourly SMA is a crucial trend support near 0.7560. Above 7620, the pair is likely to test the 0.7650 resistance.

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