AUD/USD Forex Technical Analysis – April 15, 2019 Forecast

Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at .7162.
James Hyerczyk

The Australian Dollar is trading mixed on Monday while posting a tight trading range. The price action suggests trader indecision and impending volatility ahead of the release of the minutes of the Reserve Bank of Australia March policy meeting early Tuesday and Thursday’s Employment Change report.

At 07:28 GMT, the AUD/USD is trading .7175, up 0.0004 or +0.05%.


Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through .7192 will signal a resumption of the uptrend. The main trend will change to down on a move through .7052.

The minor trend is also up. A trade through .7109 will change the minor trend to down. This will also shift momentum to the downside.

The main range is .7394 to .6764. Its retracement zone at .7153 to .7079 is controlling the longer-term direction of the AUD/USD. This area is new support.

The short-term range is .6764 to .7296. If the trend changes to down then its retracement zone at .7030 to .6967 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at .7162.

Bullish Scenario

A sustained move over .7162 will indicate the presence of buyers. Taking out .7192 could extend the rally into the main top at .7207. A move through this level will indicate the buying is getting stronger with the next major upside targets a downtrending Gann angle at .7278, followed by a main top at .7296.

Bearish Scenario

A sustained move under .7162 will signal the presence of sellers. This could lead to a quick test of the major Fibonacci level at .7153. If this price fails then look for the selling to extend into the long-term uptrending Gann angle at .7124.

Without any major news from Australia, the United States or China, the price action could be limited.

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