ForeCastle

The AUD/USD is trading into key values of support, as the pair has fallen as much as 199 pips from the standing yearly high at .7741. This decline has come mostly on the back of recent US Dollar strength, and now the market is waiting for Fed Chair Janet Yell to make her most recent statements in Chicago later today.



Technically the AUD/USD is trending lower in the short term, trading well below its 10 day EMA (exponential moving average), found at .7634. This short term decline in price has now pushed the pair to test the 200 Day MVA (Simple Moving Average), found at .7546. This line should be considered as a critical line of support, and a breakout below this point may suggest a shift in the AUD/USD’s long term trend. If prices fail to breakout however, it may suggest that this most recent decline has been a retracement in an ongoing 2017 uptrend.

more...