The AUD/USD is trading lower at the mid-session. Dovish Reserve Bank of Australia minutes and rising U.S. interest rates are putting pressure on the Forex pair.
Daily Technical Analysis
The main trend is down according to the daily swing chart. The minor trend is up. A trade through .7988 will reaffirm the minor trend.
The main range is .8135 to .7758. Its retracement zone is .7947 to .7991. This zone stopped the rally last week at .7988.
The short-term range is .7758 to .7988. Its retracement zone at .7873 to .7846 is the primary downside target.
Daily Technical Forecast
Based on the current price action, the direction of the AUD/USD the rest of the session will be determined by trader reaction to the uptrending Gann angle at .7898.
A sustained move under .7898 will signal the presence of sellers. This could generate the momentum needed to drive the Forex pair into .7873 to .7846.
Overtaking and sustaining the move over .7898 will indicate the presence of buyers. The first upside target is the 50% level at .7946.