AUD/USD Ready To Go?
AUD/USD: Having hit 0.8100, the Aussie experienced a swift drawdown retracing back to the one of our daily key level of support in the region of 0.79600. We could now be ready to create another wave to the upside. If we have a daily closure, (Tues, Sept. 19), it would confirm a new higher low alongside the third touch of a dynamic area of support.
Upside target regions would once again be 0.8100. We need to be aware that the US dollar has high impact news announcements in regards to the interest rate decision on Wednesday, Sept. 20. Although the interest rate is expected to remain at 1.25%, an increase or decrease could impact the market with a huge amount of volatility.
Previous:- As suggested, the price hit 0.8100 toward the end of the week between the fourth and eighth of September. The weekly closure remained strong to the upside. However there was what I consider a release of bullish pressure, as traders were taking profits from the market on Friday. With the Australian dollar at multi- year highs versus the USD, the price has not reached these levels since May 2015. What looks to be a potential Bullish Trend Reversal on our hands with all the time frames in alignment for continued upside momentum, we may in fact see price break through 0.8100 and reach the next target of 0.82750.