I thought I would try a more detailed analysis today since I have some time rather than just typing short bias.
Currently no important news is being released for either pairs AUD or USD so what seems to be driving the AUD higher is sentiment plus the USD is exhausted from the buying against the Lira. Tomorrow we can expect the RBA meeting minutes which could be hawkish since the unemployment rate fell in July to 5.3%, and on Wednesday GMT+10 the Australian construction work done QoQ report will be released which is forecast to be higher at 1.1% which could drive the rates a little higher to 73.650 which will be an important level for technical traders since it was the previous support of the ascending triangle.
Although the push will come to an end for the AUD bulls from 73.650 according to my forecast should be Thursday 00.00 GMT+10 where Existing home sales for the US will be released which is forecast to be 5.46M (bullish) which will show a strong rejecting on the previous support line and drive the AUD lower against the USD.
The next level of support I would be looking at is 0.71500 after Thursday.
Currently no important news is being released for either pairs AUD or USD so what seems to be driving the AUD higher is sentiment plus the USD is exhausted from the buying against the Lira. Tomorrow we can expect the RBA meeting minutes which could be hawkish since the unemployment rate fell in July to 5.3%, and on Wednesday GMT+10 the Australian construction work done QoQ report will be released which is forecast to be higher at 1.1% which could drive the rates a little higher to 73.650 which will be an important level for technical traders since it was the previous support of the ascending triangle.
Although the push will come to an end for the AUD bulls from 73.650 according to my forecast should be Thursday 00.00 GMT+10 where Existing home sales for the US will be released which is forecast to be 5.46M (bullish) which will show a strong rejecting on the previous support line and drive the AUD lower against the USD.
The next level of support I would be looking at is 0.71500 after Thursday.