AUD/USD Forex Technical Analysis – June 26, 2017 Forecast

The AUD/USD is trading higher shortly before the U.S. opening. Since the Australian Dollar is a commodity-linked currency, it is responding to firmer crude oil prices. Later today, investors will get the opportunity to react to the U.S. Durable Goods report.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through .7635 will signal a resumption of the uptrend. There is no main bottom, but if the selling continues we could see a further break into the main retracement zone at .7503 to .7472.

The new short-term range is .7635 to .7535. Its retracement zone is .7585 to .7597. This zone was tested earlier today and sellers came in to stop the move.

The retracement zone is very important because aggressive counter-trend sellers are going to try to form a potentially bearish secondary lower top. Buyers are going to try to drive the market through this zone.

Forecast

Based on the current price at .7570, the market is currently in a position to move in either direction. If trend traders come in then we could see a move into a cluster of levels at .7585, .7595 and .7597.

Taking out .7595 could trigger an acceleration into the next downtrending angle at .7615. This is the last potential resistance angle before the .7635 main top.

The nearest downside target is the downtrending angle at .7555. If this fails then look for a move into the uptrending angle at .7532. This is the last potential support angle before the major 50% level at .7503.

Basically, it looks like the AUD/USD will be rangebound as long as prices remain inside a pair of angles at .7595 and .7555.