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  • The AUD/USD pair seems determined to jump higher after invalidating a deeper correction.
  • The weekly R1 could be used as a near-term  target, as an obstacle.
  • A minor consolidation above the 0.7504 and above the warning line (wl1) could bring new long opportunities.

The AUD/USD forecast sees the pair rallying at the time of writing, after invalidating a larger correction. In the short term, the pair has printed a continuation pattern. Escaping from this formation signals further growth.

The USD drops again versus its rivals as the Dollar Index failed to stabilize in the buyers territory and to resume its rebound. Going down, the DXY signals that the greenback could depreciate versus its rivals.

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Later today, the United States is to release its CB Consumer Confidence. The indicator is expected to drop to 108.4 from109.3. The greenback needs strong support to be able to appreciate again versus the other major currencies. 

The US HPI is expected to rise by 1.5% in August, the New Home Sales could be reported at 755K in September versus 740K in August. Moreover, the Richmond Manufacturing Index is expected at 4 points in October versus -3 points in September.

Tomorrow, the Australian Consumer Price Index is seen as a high impact event and is expected to register a 0.8% growth. Also, the US Durable Goods Orders, Core Durable Goods Orders, Goods Trade Balance, and the Prelim Wholesale Inventories could bring high volatility and strong moves.

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AUD/USD Forecast: Price Technical Analysis – Continuation Pattern!

aud/usd forecast 

The AUD/USD pair found strong support at 0.7453 level below the 0.7478 key level. It has escaped from the down channel pattern and now is located 0.7500 psychological level and above the ascending pitchfork’s warning line (wl1). 

Staying above these levels could signal further growth. Personally, I want to see a temporary consolidation before resuming its upwards movement. Actually, a temporary consolidation could bring new long opportunities. The 0.7546 higher high is seen as the first upside target.

Also, the weekly R1 (0.7548) could be used as an immediate obstacle. Technically, the downside seems limited after failing to drop below the weekly pivot of 0.7463. 

Also, its failure to make a new lower low, to close below 0.7453 signalled that the sellers are exhausted.  

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