AUD/USD Forex Technical Analysis – December 08, 2017 Forecast

The AUD/USD is trading slightly lower early Friday after yesterday’s steep sell-off. Pressuring the market on Thursday was a big trade data miss. Later today at 1330 GMT, investors will get the opportunity to react to the latest U.S. Non-Farm Payrolls data. It is expected to show the U.S. economy added 198,000 jobs in November. The unemployment rate is expected to come in unchanged at 4.1% and Average Hourly Earnings are expected to rise 0.3%.

Daily Technical Analysis

The main trend is down according to the swing chart. It turned down on Thursday when sellers took out the previous swing bottom at .7551. It was reaffirmed when the November 21 and June 14 main bottom at .7532 was violated. This move triggered an acceleration to the downside.

The daily chart indicates there is plenty of room to the downside with the June 2 bottom coming in at .7372.

Daily Technical Forecast

Based on the current price at .7513, the AUD/USD should remain under pressure as long as it remains under the steep downtrending angle at .7533.

A sustained move under .7533 will signal the presence of sellers. If the downside pressure continues then look for a test of a long-term uptrending Gann angle at .7456. This is the last major support angle before the .7372 main bottom.

Overcoming .7533 will indicate the presence of buyers. The first target is a long-term uptrending Gann angle at .7540. Overtaking this angle will indicate the short-covering rally is getting stronger.