The AUD/USD pair rallied after initially falling on Tuesday. The 0.79 level underneath offered enough support to cause the bounce, and it now looks likely that it will offer a bit of a floor in a market that is very bullish in general. The gold markets of course have a significant effect on the markets also, so I don’t have any interest in trying to fight the overall pressure. I think if we can stay above the 0.79 handle, short-term traders will continue to buy the dips. Breaking above the 0.80 level will be difficult though, so keep that in mind.
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AUD/USD Forecast August 23, 2017, Technical Analysis
The AUD/USD pair rallied after initially falling on Tuesday. The 0.79 level underneath offered enough support to cause the bounce, and it now looks likely
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About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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