AUD/USD Forecast – Can Aussie Dollar Break This Vs US Dollar?

AUD/USD Forecast – Can Aussie Dollar Break This Vs US Dollar?

  • – The Aussie Dollar traded lower recently and moved below the 0.7650 support against the US Dollar.
  • – There is a major bearish trend line forming with resistance at 0.7640 on the hourly chart of AUD/USD.
  • – Recently in Australia, the National Australia Bank Business Confidence for Oct 2017 was released.
  • – The outcome was above the forecast of 7 as the National Australia Bank Business Confidence came in at 8.

Australia’s National Australia Bank Business Confidence

Recently in Australia, the National Australia Bank Business Confidence for Oct 2017 was released. The market was positioned for no change in the index from the last reading of 7.

 

The actual result was above the forecast of 7 as the National Australia Bank Business Confidence came in at 8. The last reading was also revised up from 7 to 8. Looking at the National Australia Bank Business Conditions index, there was a sharp rise from the last reading of 14 to 21.

 

Overall, the AUD/USD pair attempt an upside break above the 0.7640 level if it manages to stay above the 0.7610-0.7600 support.

 

AUD/USD Technical Analysis

The Aussie Dollar started a new downside wave from the 0.7694 swing high against the US Dollar. The AUD/USD pair moved below the 0.7660 and 0.7650 support levels and is currently trading well below the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair traded as low as 0.7608 from where a correction was initiated. It is currently trading near the 23.6% Fib retracement level of the last drop from the 0.7694 high to 0.7608 low, and attempting an upside break above a major bearish trend line with resistance at 0.7640 on the hourly chart.

 

A close above the trend line resistance and the 0.7650 level could trigger more gains. The 0.7650 level is also around the 50% Fib retracement level of the last drop from the 0.7694 high to 0.7608 low. Above 0.7650, the 100 hourly SMA is near 0.7660 to act as a hurdle.

 

Overall, there is a chance of AUD/USD breaking the 0.7640 level, but it is facing many resistances on the upside.

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