Daily Market Report – AUD/USD hit another upside target August 29, 2017

AUD/USD At New Highs

AUD/USD edges higher and resumes the minor rebound. Technically should climb much higher as the rate is located in the green zone. USD lost more ground versus the Aussie as the dollar index has plunged since Friday’s session.

Price reached an important dynamic resistance, but is somehow expected to take this out and to resume the upside movement because the USDX could drop much deeper in the upcoming days. The dollar index is trading much below the 92.49 critical support, a retest of this level will confirm a further drop on the short term and a USD’s depreciation versus all its rivals.

Personally, I believe that only some impressive US data could save the greenback from the downside, the US CB Consumer Confidence will be released in the afternoon and is expected to decrease from 121.1 to 120.3 points.

AUD/USD resumed the last week’s rally, but has found temporary resistance at the upper median line (uml) of the descending pitchfork. You can see on the daily chart that has failed to retest the median line (ml) of the minor ascending pitchfork, but could still hit this in the upcoming hours.

Is expected to climb much higher after the false breakdown below the median line (ML) of the major ascending pitchfork. We’ll have an important upside target at the 50% Fibonacci line (ascending dotted line), could approach also the 0.8065 horizontal resistance.

EUR/CHF Valid Breakout?

Price rallied today and extends the upside movement, remains to see if will have enough directional energy to stabilize above the fourth warning line (WL4) of the descending pitchfork. Has managed to jump much above the minor red downtrend line, signaling that the bulls are in control.

The upside movement is a natural one after the retest of the upper median line (uml) of the minor ascending pitchfork.

GOLD Eyeing A Dynamic Resistance

Gold registered an amazing rally and managed to climb much above the $1310 per ounce. The bulls are in full control and should lead the rate towards the first warning line (WL1) of the major descending pitchfork, where he could find temporary resistance again.

By Olimpiu Tuns

Market Analyst

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