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AUD/USD Forecast August 18, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 18, 2017, 05:30 UTC

The Australian dollar initially tried to rally during the day on Thursday, but turned around to form a pretty negative move. However, if we can stay above

AUD/USD daily chart, August 18, 2017

The Australian dollar initially tried to rally during the day on Thursday, but turned around to form a pretty negative move. However, if we can stay above the 0.79 level, it’s likely that we will eventually find buyers. A breakdown below the 0.79 level would be bearish enough to have me looking for the 0.75 zero level underneath. Pay attention to gold, it could have a bit of influence as it typically does, and therefore watching both charts will be crucial. If we do break to the upside, the market should then go to the 0.80 level above, which is massively important based upon the decades long charts that I look at occasionally. If we can break above the 0.0 level, the market should continue to go much higher.

AUD/USD Video 18.8.17

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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