I’m going to be providing AUDUSD Technical analysis and forecasts each week as appropriate when I see patterns emerging that can cause price reversals .
These analysis are based on price action only so the use of support and resistance levels, channels, price chart patterns and candlestick pattern and trendlines will be what you will see here.
If you are thinking of moving averages, stochastic and what nots, sorry, this is not the place to be and I’m sure there are others out there that do that.
AUDUSD Technical Analysis 8th December 2017
The following daily chart of AUDUSD shows the price is now heading down closer towards the rising trendline.
Now, here is the issue that will decide if price obeys the trendline or not: Non Farm Payroll data from US is going to be released tonight.
Assuming that price hits the rising trendline before the Non farm payroll data is released, here are the two most likely outcomes:
- non farm payroll data does not meet expectation, which means bad news fro USD but good news for AUD, then expect price to makes some significant move upwards from that trendline.
- the non farm payroll data meets or exceeds expectation, which means good news for USD but bad news for AUD, then expect that trendline to be broken.
AUDUSD Technical Analysis 4th-8th December 2017
- looking at the weekly chart below, you can see that price is gradually making its way down towards the rising trendline.
- you can also see an upward price channel structure in place as well.
- from looking at the weekly chart, I can see there’s a potential for bulls to come into play when price hits the rising trendline that is shown on the weekly chart.
Now, when you look at the daily chart of AUDUSD, this is what you see:
- The trend is down so at this stage
- and you can also see price is not too far away from the rising trendline which is shown in the weekly chart of AUDUSD above.
- expect buyers tom come in and drive prices up when price hits that rising trendline.