11.10.201800:51 Forex Analysis & Reviews: The forecast for AUD/USD for October 10, 2018

AUD/USD

Yesterday's struggle of the US dollar with its European rivals, as well as an equally exciting struggle in the commodity markets eventually led to a weakening of the greenback, an increase in commodity prices and, as a result, the growth of the "aussie" by 24 points. Today, the price has reached the embedded trend line of the downward price channel, forming a signal level of 1.7128. Overcoming the level will allow the price to grow further, but the following resistances are very close: 0.7155 – resistance of the Krusenstern line on the four – hour chart, 0.7184 - resistance of the same line on the daily chart.

The decline of the pair is full of invisible obstacles. Formally, the closest target is the trend line at 0.7070, but in the current situation, the price may only slightly rise from the signal level (0.7128) and then attack it. Here we pay attention to the established convergence of the price and the indicator on the daily chart. On the other hand, the trend remains downward. The Australian dollar is becoming more aggressive and unpredictable.