AUD/USD Forex Technical Analysis – February 28, 2017 Forecast

The AUD/USD is trading nearly flat shortly as investors await the release of the latest data on U.S. Fourth Quarter GDP. Later today, traders will get to react to the latest consumer confidence data. However, the major event will be President Trump’s speech before a joint session of Congress.

Early Wednesday, Australia will release its Fourth Quarter GDP. China is scheduled to release PMI data.

The main trend is up according to the daily swing chart. A trade through .7649 will turn the main trend to down. A move through .7740 will signal a resumption of the uptrend with .7777 the next major upside target.

The short-term range is .7511 to .7740. If there is a correction then its retracement zone at .7625 to .7598 will become the primary downside target.

Based on the current price at .7674, the direction of the market the rest of the session is likely to be determined by trader reaction to the downtrending angle at .7680.

A sustained move under .7680 will signal the presence of sellers. This could create enough downside momentum to challenge the main bottom at .7649.

If .7649 is taken out then the trend will change to down. This could trigger a move into a cluster of possible support levels at .7625, .7621 and .7609. This is followed by the main Fibonacci level at .7598.

Overtaking the angle at .7680 and sustaining the move could drive the AUD/USD into the next downtrending angle at .7710. This is followed by .7725. This is the last potential resistance angle before the .7740 main top.

Watch the price action and read the order flow at .7680 today. Trader reaction to this angle will tell us if the buyers or sellers are in control today.