AUD/USD Technical Forecast: Searching for a Bottom

AUD/USD Technical Forecast explained by professional Forex trading experts the “AUD/USD Technical Forecast” FX trading team.

AUD/USD Technical Forecast

Wave (b) of the zigzag pattern is an expanded flat pattern. Traders can keep an eye on .7508-.7568 as a potential turning point for AUD/USD. This price zone contains a couple different wave relationships. Additionally, a trend line passes through near .7600 so we are anticipating that softness in AUD/USD may end up being temporary.

The orange resistance trend line will be noteworthy. AUD/USD has been rubbing along the bottom of this line. If AUD/USD moves up above this orange resistance line, then the break higher will serve as an early warning signal of higher prices.

Soft horizontal resistance sits near .7666 and above .7730 elevates the probabilities the low is in for a retest of .82 and possibly higher levels.

IG Client Sentiment is running at near parity at +1.28. Therefore, sentiment is not extreme at this point. Keep an eye to see if a shift in sentiment ensues and lines up with the Elliott Wave forecast. See how live traders are positioned in AUDUSD here.

AUD/USD Technical Forecast Conclusion

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