AUD/USD Price Prediction: Aussie to continue rising towards August highs

AUD/USD has broken above a trendline and established a new short-term uptrend.
It will probably extend to the August highs.

Joaquin Monfort FXStreet

AUD/USD has begun a new leg higher after bottoming out on September 11. This new leg has broken above a key trendline for the correction of the August rally – a bullish sign – which, amongst other things, suggests it is now in a short-term uptrend.

AUD/USD Daily Chart

It is a principle of technical analysis that “the trend is your friend” which suggests the Aussie is likely to continue higher. It will probably match or almost match the 0.6824 August 29 high. The resistance level at 0.6799 ( July high) might, however, slow it down along the way.

Momentum, as measured by the Relative Strength Index (RSI) is mirroring price, a fact that is supportive of the current mini-rally.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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