AUD/USD Forecast – Can Aussie Dollar Move Above 0.7600 Vs US Dollar
- – The Aussie Dollar is currently facing a major resistance near 0.7580-0.7600 against the US Dollar.
- – There is an important bearish trend line forming with resistance at 0.7585 on the hourly chart of AUD/USD.
- – Recently in Australia, the Construction Work Done in Q3 2017 was released by the Australian Bureau of Statistics.
- – The outcome was above the forecast of -2.1% as there was an increase of 15.7% in Q3 2017.
Australia’s Construction Work Done
Recently in Australia, the Construction Work Done in Q3 2017 was released by the Australian Bureau of Statistics. The market was positioned for a decline of 2.1% in the Construction Work Done in Q3 2017.
The actual result was above the forecast of -2.1% as there was an increase of 15.7% in Q3 2017. The last reading was also revised up from +9.3% to +9.8%. The report added that:
The trend estimate for total construction work done rose 0.6% in the September quarter 2017. The seasonally adjusted estimate for total construction work done rose 15.7% to $61,863.2m in the September quarter.
Overall, the AUD/USD pair is trading with a positive bias, but it has to break 0.7600 to move in the bullish zone.
AUD/USD Technical Analysis
The Aussie Dollar traded lower recently and tested the 0.7535-0.7540 support area against the US Dollar. Later, the AUD/USD pair started a consolidation and finally made an upside move towards the 0.7600 resistance and the 100 hourly simple moving average.
The pair failed to move above the 0.7585-0.7600 resistance area and is current back below the 100 hourly SMA. It is currently trading below the 23.6% Fib retracement level of the last wave from the 0.7531 low to 0.7588 high.
An initial support on the downside is around 0.7560 and the 50% Fib retracement level of the last wave from the 0.7531 low to 0.7588 high. As long as the pair is above the 0.7550-40 support, it might make another attempt to break the 0.7600 resistance.
Buyers need to push the pair above 0.7585 and 0.7600 in order to place AUD/USD in the bullish zone. The next stop could be near the 0.7640 level.
Also published on Medium.
