AUD/USD Forex Technical Analysis – April 24, 2017 Forecast

Increased demand for higher-yielding assets helped boost the AUD/USD early Monday. The Forex pair is trading sharply, gapping on the opening, after Emmanuel Macron’s victory in the first round of the French presidential election. The centrist is also widely expected to win the run-off in a couple of weeks. The Australian dollar is seen as a “risk” asset and generally sought after in periods of global optimism.

Technical Analysis

The main trend is down according to the daily swing chart. The trend will turn up on a trade through .7610.

The short-term range is .7473 to .7610. Its retracement zone at .7542 to .7525 is support.

The main range is .7679 to .7473. Its retracement zone at .7576 to .7600 is resistance.

Another longer-term retracement zone comes in at .7611 to .7644. This zone should also be considered resistance.

Forecast

Based on the earlier price action, the AUD/USD is finding resistance at .7576 and a downtrending angle at .7585. This angle is a trigger point for an acceleration into a pair of retracement levels at .7600 and .7611 and the main top at .7610.

The key angle to watch comes in at .7553. A failure to hold this uptrending angle today will indicate the presence of sellers. This could lead to a pullback into the retracement level at .7541. This is followed by another retracement level at .7525 and an uptrending angle at .7573.

Like the other markets, the direction of the AUD/USD the rest of the session will be determined by whether buyers can sustain the earlier upside momentum. If they can then look for them to make a run at the main top at .7610. This will likely lead to a change in trend later in the week.

If buyers fail to come in to sustain the rally and sellers start to become a force then look for a retracement of the earlier intraday rally.