AUD USD Merges in a slim range
8/22/2017 1:25:27 PM
During Forex market, the AUD/USD pair tried for a steady direction and was seen merging with a 25-pips slim trading range, just below mid-0.7905s.
Momentum over mid-0.7905s, causing a following strength beyond 0.7967 level, has the possible to boost the pair back towards regaining the key 0.8010 psychological mark. The up-move could more get expanded near the next major hurdle near the 0.8037-45 area.
On the other hand, any pull-back from higher levels is probable to find instant support near 0.7928 level, which if broken would turn the pair at risk to break below the 0.7911 handle and retest 0.7888-77 strong horizontal support.
FOREX market analysis by FxErvin.