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AUD/USD Forex Technical Analysis – Trader Reaction to .7966 Will Set the Tone ...

The Australian Dollar posted a volatile two-sided trade last week before turning lower into the close.

The Forex pair was supported early in the week by an upbeat assessment of the economy by the Reserve Bank of Australia, however, they continued to signal a neutral stance on interest rates.

The U.S. Federal Reserve drove the U.S. Dollar higher when it announced its plan to begin trimming its $4.5 trillion balance sheet in October.

This could generate the upside momentum needed to challenge a main top at .8162 and a major 50% level at .8165.

Based on last week's close at .7959, the direction of the AUD/USD is likely to be determined by trader reaction to the short-term 50% level at .7966.

READ MORE (Nasdaq)

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This post first appeared on The 5th News, please read the originial post: here

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AUD/USD Forex Technical Analysis – Trader Reaction to .7966 Will Set the Tone ...


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