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Australian Dollar Technical Forecast: AUD/USD Snaps Back from .7000

Australian Dollar Technical Forecast: AUD/USD Snaps Back from .7000

2020-10-10 00:00:00
James Stanley, Strategist
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AUD/USD Technical Forecast: Bullish

  • AUD/USD jumped above a big zone of resistance in the latter portion of this week.
  • Despite a post-RBA sell-off on Tuesday, buyers came in to offer higher-low support and the pair jumped higher for the final three days of the week.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
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It was another strong week for the Australian Dollar and AUD/USD put in its second consecutive week of gains after running into the .7000 big figure in late-September. The key technical item for this week was the pair overtaking a big zone of resistance that had previously kept buyers at bay. This zone, running from .7185-.7205, had held the highs through the first four trading days of October, and after a dip on Tuesday, helped along by the RBA rate decision, it looked as though sellers might be able to take-control and make another push towards the .7000 handle.

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But selling pressure quickly evaporated after that Tuesday slump, and buyers returned and prices pushed through that zone on a recurrent attempt, finally taking out that resistance on Friday.

AUD/USD Daily Price Chart

aud usd price chart australian dollar forecast

Chart prepared by James Stanley; AUD/USD on Tradingview

Taking a shorter-term look at the pair and there’s a possibility of bullish continuation given the recent series of higher-highs and higher-lows. In terms of short-term resistance, there’s potential for at least a pause in the move just ahead around the .7250 level; and beyond that prior resistance from .7340 and .7412 come into the picture. If AUD/USD is going to be able to push up to a fresh high, then the pair will need to contend with the .7500 psychological level, which could be considered as a longer-term item of resistance potential.

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For short-term support potential – that prior zone of resistance, spanning from around .7185-.7205, could be considered as an attractive area for bulls to look for that next higher-low.

AUD/USD Four-Hour Price Chart

audusd price chart australian dollar forecast

Chart prepared by James Stanley; AUD/USD on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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