AUD/USD Forex Technical Analysis – Nearest Daily Gann Angle Support at .7280

The Australian Dollar finished lower on Friday as investors took precautions ahead of this week-end’s crucial meeting between U.S. President Trump and China’s President Xi Jinping. Since the Aussie Dollar is seen as a proxy for the Chinese economy, any bullish news about a trade deal should be bullish for the Australian Dollar.

On Friday, the AUD/USD settled at .7313, down 0.0006 or -0.08%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through .7345 will signal a resumption of the uptrend with potential targets former tops at .7363 and .7382. The latter is a potential trigger point for an acceleration to the upside with .7484 the next likely upside target.

A trade through .7199 will change the main trend to down. This is followed by the next main bottom at .7164.

Daily Technical Forecast

The key uptrending Gann angle support comes in at .7280 on Monday. This is followed by another uptrending Gann angle at .7259. Since the main trend is up, buyers are likely to come in on a test of these angles

If .7259 fails as support then look for the selling to extend into a pair of short-term uptrending Gann angles at .7239 and .7219. The latter is the last potential support angle before the .7199 main bottom.

The first upside target is last week’s high at .7345. This is followed by an uptrending Gann angle at .7359. Crossing to the strong side of this angle will put the AUD/USD in a bullish position. This could lead to a test of previous main tops at .7363 and .7382.

The August 21 main top at .7382 is the trigger point for an acceleration to the upside with the July 9 main top at .7484 the next major upside target.