24 August AUDUSD Technical Forecast: Pair spikes to 0.7290 on Australian new leadership


The AUDUSD pair broke its bearish consolidation to the upside in the Asian trades this Friday, after the Australian dollar caught a fresh bid-wave following the news that the Australian Treasurer Morrison is won a three-way battle to become the new Australian Prime Minister (PM). What’s next? Get updated in the following 24 August AUDUSD Technical Forecast.

24 August, OctaFX – The Aussie jumped more than 50-pips on the news, as the Australian financial markets view Morrison as the best outcome. Sky News reported that Morrison defeated Dutton 45-40, a smaller margin than Turnbull-Dutton earlier in the week (48-35).

US-China trade frictions

However, the bulls quickly lost ground amid ongoing US-China trade spat, leaving the pair in a consolidative mode around 0.7275 levels. The latest US tariffs to collect 25% duties on China’s imports kicked-in on Thursday. However, the Chinese Commerce Ministry noted earlier today that both sides had a constructive and candid exchange over trade issues.

In the day ahead, markets will continue to digest the new Australian leadership news while the US durable goods data and Fed Chair Powell’s speech could offer fresh trading impetus.

24 August AUDUSD Technical Forecast

Resistances: 0.7316 (5-DMA), 0.7350 (psychological levels), 0.7375 (50-DMA).

Supports: 0.7253 (Aug 17 low), 0.7200 (round number), 0.7162 (Jan 2017 lows).

Disclaimer

This article about 24 August AUDUSD Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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