AUD/USD Forecast – Aussie Dollar Remains in Uptrend Vs US Dollar
- – The Aussie Dollar traded higher recently and settled above 0.7640 against the US Dollar.
- – There was a break above a major bearish trend line with resistance at 0.7630 on the hourly chart of the AUD/USD pair.
- – Recently in Australia, the Gross Domestic Product for Q1 2018 was released by the Australian Bureau of Statistics.
- – The outcome was above the forecast of 0.9% as the GDP grew by 1% in Q1 2018 (QoQ).
Australia’s Employment Change
Recently in Australia, the Gross Domestic Product for Q1 2018 was released by the Australian Bureau of Statistics. The market was positioned for a rise of around 0.9% in the GDP in Q1 2018 compared with the previous quarter.
The actual result was above the forecast of 0.9% as the GDP grew by 1% in Q1 2018. The yearly change in the GDP was also above the forecast of 2.8%, as there was a rise of 3.1% in the GDP, which was also a lot higher than the last 2.5%.
The AUD/USD pair moved higher and it is currently placed nicely in a bullish zone above the 0.7600 and 0.7640 support levels.
AUD/USD Technical Analysis
The Aussie Dollar started a solid upside move from the 0.7550 swing low against the US Dollar. The AUD/USD pair jumped above a few resistance levels and settled above 0.7600 and the 100 hourly simple moving average.
During the upside, there was a break above a major bearish trend line with resistance at 0.7630 on the hourly chart of the AUD/USD pair. The pair also succeeded in breaking the 0.7640 resistance, opening the doors for more gains.
The recent high was at 0.7664 before the pair started consolidating gains. On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the 0.7594 low to 0.7664 high at 0.7647.
However, there are many supports on the downside near 0.7620 and a bullish trend line on the same chart. On the upside, a break above the 0.7660 level may open the doors for more gains, possibly towards the 0.7700 handle in the near term.
Also published on Medium.
