AUD/USD Technical Analysis: Aussie Poised to Test 2017 High

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Speaking Factors:

  • AUD/USD Technical Technique: Flat
  • Aussie Greenback aiming at 2017 excessive after breaking above vary resistance
  • Regular stream of top-tier occasion danger looms forward, arguing for endurance

The Australian Greenback seems poised to check the 2017 excessive towards its US counterpart after lastly breaking cussed chart resistance under the zero.80 determine. The transfer larger adopted an RBA financial coverage announcement that didn't appear to construct on a obscure menace of FX intervention made in current weeks.

From right here, a every day shut above the zero.8066-87 space (July 27 excessive, 38.2% Fibonacci enlargement) opens the door for a check of the 50% degree at zero.8173. Alternatively, a flip again under the 23.6% Fib at zero.7979 – now recast as help – paves the best way for a retest of a rising development line set from early June, now at zero.7915.

Getting into lengthy appears compelling from a purely technical perspective. Nevertheless, a hefty dose of event risk together with second-quarter GDP knowledge and high-profile commentary from RBA officers might drastically alter the setup nevertheless, particularly if intervention is talked about anew. Standing apart appears most prudent for now.

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AUD/USD Technical Analysis: Aussie Poised to Test 2017 High