AUD/USD Forex Technical Analysis – Bullish Traders Hoping for Close Over .7667

The Australian Dollar is trading higher against its U.S. counterpart at the mid-session on Monday as concerns grew on whether a proposed U.S. tax reform program would have a major impact on economic growth, after the bill moved another step closer to passage over the week-end.

At 1913 GMT, the AUD/USD is trading .7670, up 0.0031 or +0.41%.

Volume is light and the range relatively tight as investors prepare for tomorrow’s Reserve Bank of Australia Monetary Policy Meeting Minutes.

Daily Technical Analysis

The main trend is up according to the daily swing chart. It turned up late last week when buyers took out the previous top at .7653. The next upside target is the November 2 main top at .7729.

The main range is .7897 to .7501. Its retracement zone at .7698 to .7746 is the primary upside target.

The intermediate range is .7729 to .7501. Its retracement zone is .7642 to .7615. The market is currently trading on the strong side of this zone, helping to give it a slight upside bias today.

The AUD/USD is also straddling a long-term downtrending Gann angle at .7667. This angle is acting like a pivot on Monday. The Forex pair is also trading on the strong side of an uptrending Gann angle at .7621. This angle has been guiding the market higher since December 8.

Trader reaction to the angle at .7667 will determine how the AUD/USD closes on Monday.