AUD/USD Forecast – Aussie Dollar to Rise Further Vs US Dollar?

AUD/USD Forecast – Aussie Dollar to Rise Further Vs US Dollar?

  • – The Aussie Dollar remained in an uptrend and it moved above 0.7840 against the US Dollar.
  • – There is a short-term connecting bullish trend line forming with support at 0.7865 on the hourly chart of AUD/USD.
  • – Recently in Australia, the Home Loans figure for Jan 2018 was released by the Australian Bureau of Statistics.
  • – The outcome was below the forecast of -0.1% as there was a decline of 1.1% in loans in Jan 2018.

Australia’s Home Loans

Recently in Australia, the Home Loans figure for Jan 2018 was released by the Australian Bureau of Statistics. The market was positioned for a decline of 0.1% in Jan 2018 compared with the previous month.

 

The actual result was below the forecast of -0.1% as there was a decline of 1.1% in loans in Jan 2018. However, the current result was better than the last -2.3%. Moreover, the investment lending for homes came in at -1.1%, compared with the last -2.8%.

 

The AUD/USD pair was not affected after the result, but the upside move above the 0.7880 was paused and the pair starting trading in a range.

 

AUD/USD Technical Analysis

The Aussie Dollar is currently in a decent uptrend from the 0.7750 swing low against the US Dollar. The AUD/USD pair traded higher, broke the 0.7800 and 0.7840 resistance levels, and settled nicely above the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair recently traded as high as 0.7883 and is currently correcting lower. On the downside, an initial buy zone is near a short-term connecting bullish trend line forming with support at 0.7865 on the hourly chart of AUD/USD.

 

Below the trend line, the 23.6% Fib retracement level of the last wave from the 0.7790 low to 0.7883 high is a short term support. However, the most important support is around 0.7835, which was a resistance earlier.

 

Moreover, the 50% Fib retracement level of the last wave from the 0.7790 low to 0.7883 high is around 0.7835 to act as a support. On the upside, the pair has to break the 0.7885 and 0.7900 resistance levels to gain upside momentum.


Also published on Medium.

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