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The Australian dollar trades slightly better on Friday morning after rising again in the previous session in response to a series of newspaper articles speculating that the Trump administration was considering cutting tariffs US on Chinese imports. According to the Wall Street Journal, US officials are discussing reducing tariffs on imports from China. However, later in the session, the US Treasury refuted the WSJ claims.
The AUD / USD exchange at 0.7002 at 0200 GMT, up from 0.0009 or + 0.12%.
Daily technical badysis
The main trend is down according to the daily chart. An exchange through .7236 will change the main trend downward. A move through .7146 will signal a resumption of the downtrend.
The minor trend is also down. A move through .7226 will change the minor trend upward. It will also go up.
The main beach is from .7394 to .6764. Its retracement range between 0.7153 and 0.7079 controls the short-term orientation of the Forex pair. Holding above this area helps to generate a slight upward bias.
Daily technical forecast
On the basis of the anticipated price action, the direction of the AUD / USD Friday will likely be determined by the operators' reaction to Gann's strong upward trend at 0.7204. .
Bullish scenario
Exceeding and maintaining a rally above 0.7204 will indicate the presence of buyers. The first bullish target is the minor peak at 0.7226, followed by the Gann angle at 0.7234 and the main peak at 0.7236.
The removal of .7236 will change the main trend upwards, setting up a test of the next major summit at .7247. This is the trigger point of a potential upward acceleration with the next target angle at 0.7314.
Bearish scenario
A sustained movement under .7204 will signal the presence of sellers. If this generates enough downward momentum, wait for the sale to extend to the Fibonacci level at 0.7153, then the lowest at 0.7146.
The minor minimum at .7146 is a potential trigger point for a downward acceleration with the next major target, the 50% level at .7079.
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