AUD/USD Forex Technical Analysis – September 18, 2017 Forecast

The AUD/USD is trading slightly better shortly before the U.S. opening but coming down from its high. Traders are preparing for Tuesday’s Reserve Bank of Australia minutes and Wednesday’s U.S. Federal Reserve Monetary Policy Statement and interest rate decision.

Daily Technical Analysis

The main trend is up according to the daily swing chart. Today’s earlier price action made .7955 a new main bottom. A trade through this bottom will change the main trend to down.

The main range is .7807 to .8124. Its retracement zone at .7965 to .7928 is new support.

The short-term range is .8124 to .7955. Its retracement zone at .8039 to .8059 is the primary upside target.

Daily Forecast

Based on the current price at .8004 and the earlier price action, the direction of the AUD/USD is likely to be determined by trader reaction to a downtrending angle at .8004 and an uptrending angle at .7991.

A sustained move over .8004 will indicate the presence of buyers. If buyers can create enough upside momentum then look for a possible rally into .8039, followed by a resistance cluster at .8059 to .8064.

A sustained move under .7991 will signal the presence of sellers. If selling volume increases on the move then look for a possible break into the main 50% level at .7965. This is followed by the main bottom at .7955.

Taking out .7955 will change the main trend to down and could trigger a move into a major support cluster at .7931 to .7928.

Look for a bullish tone to develop on a sustained move over .8004 and a bearish tone to develop on a sustained move under .7991.