AUD/USD Forex Technical Analysis – September 13, 2018 Forecast

Based on the early trade, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at .7165.
James Hyerczyk
Australia Dollar
Australia Dollar

The Australian Dollar is trading higher early Thursday, getting a boost from better-than-expected employment data. The news means nothing to the trend, but it does force investors to make position adjustments and that’s what we’re looking at today. While the report beat expectations, the major concern for the Reserve Bank of Australia is inflation. They are hoping that a strong labor market will eventually lead to higher wages.

At 0628 GMT, the AUD/USD is trading .7186, up 0.0014 or +0.22%.

Australia’s employment rose a strong 44.0K in August, more than reversing the modest 4.3K drop in July. Over the past three months, employment has risen an average of 33K per month. The strength was due to a sharp rise in full-time jobs (33.7K), while part-time jobs also rose (10.2K). The Unemployment Rate was stable at 5.3 percent, while the participation rate rose 65.7 percent.


Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom on September 11. A new main bottom has formed at .7085. A trade through this level will signal a resumption of the downtrend. The main trend will eventually turn up on a trade through .7363.

The minor trend is also down. It will change to up on a move through .7235. This move will also reaffirm the shift in momentum to up.

The main range is .7363 to .7085. Its retracement zone at .7224 to .7256 is the primary upside target. Since the main trend is down, sellers are likely to come in on a test of this area.

Daily Technical Forecast

Based on the early trade, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at .7165.

A sustained move over .7165 will signal the presence of buyers. If this can generate enough upside momentum then look for a possible extension of the rally into a 50% level at .7224, a downtrending Gann angle at .7243 and a Fibonacci level at .7256. Since the main trend is down, anyone of these levels could draw the attention of sellers.

A sustained move under .7165 will signal the presence of sellers. The first downside target is an uptrending Gann angle at .7125. This is followed by another uptrending Gann angle at .7105. This is the last potential support angle before the .7085 main bottom.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.