Yahoo Finance AUD/USD Price Forecast – Australian dollar continues to grind higher
The Australian dollar has been beaten down for some time, but it looks as if people are starting to step away from the fears of the Chinese/American trade situation. Overall, that situation hasn’t gotten any better, but the markets may have gotten bored about fearing that situation. If we can break above the 0.7150 level, an area that we are testing as I record this video, then I think we could go to the 0.72 level after that. That’s an area that should be resistive, so I think it’s only a matter time before the sellers will show up there as well.
This market should continue to be very interesting to trade, and I think that it’s only a matter time before we get both directions going at the same time. At this point, it’s likely that the market will make an attempt at the 0.72 level, but I also see that as a major barrier. That is the top of what I think will be a bit of a relief rally, and I would anticipate sellers coming right back into polish the Australian dollar at the first signs of trouble with Sino-American relations. If we do break above the 0.72 level, that would be an extremely bullish sign and could send this market another handle higher, perhaps to the 0.73 level after that. Expect volatility, but that’s nothing new in this pair especially considering how gold has been acting. In fact, that might be one of the main reasons we have rallied.
AUD/USD Video 17.10.18
This article was originally posted on FX Empire
