AUD/USD Forex Technical Analysis February 25 2019 Forecast - Yahoo Finance

The Australian Dollar is trading higher on Monday. The currency is following the lead of the New Zealand Dollar which is trading higher in response to better-than-expected retail sales data. The currency is also being supported by hopes of a trade deal between the United States and China. Gains are being limited by Westpac’s call for at least two rate cuts later this year.

At 05:39 GMT, the AUD/USD is trading .7146, up 0.0018 or +0.27%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through .7296 will change the main trend to up. A move through .7053 will signal a resumption of the downtrend.

The minor trend is also down. A trade through .7207 will change the minor trend to up. A move through .7070 will indicate the selling is getting stronger.

The main range is .7394 to .6764. Its retracement zone at .7079 to .7153 is controlling the near-term direction of the Forex pair. Currently, the AUD/USD is trading inside this zone.

The short-term range is .6764 to .7296. Its retracement zone at .7030 to .6967 is the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the Fibonacci level at .7153 and the uptrending Gann angle at .7134. Trading between these levels will indicate trader indecision.

Bullish Scenario

A sustained move over .7153 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to extend into last week’s high at .7207.

Bearish Scenario

A sustained move under .7153 will signal the presence of sellers, but the trigger point for an acceleration to the downside is the Gann angle at .7134. Taking out this level with conviction could trigger a break into the major 50% level at .7079.

This article was originally posted on FX Empire