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AUD/USD Price Forecast – Australian Dollar Gives Up Early Gains

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The Australian dollar initially rallied during the trading session on Tuesday but gave back the gains to show less than extraordinary pressure. That being said, market is simply chopping around, and it is likely that once we get the Federal Reserve out of the way, then we might have a bit more clarity. At this point, I do like the idea of shorting this market on signs of exhaustion, like we had gotten early during the session. That being said, what I would really like to see is some type of massive bounce after the fact, and then go against it.

AUD/USD Video 29.07.21

To the downside, if we can break below the 0.73 level, then it is likely that we go much lower. At that point, it is very likely that we will eventually fulfill the move to the 0.70 level that I have been looking at for some time. Because of this, I believe at this point in time this is a “one-way trade”, especially as we are starting to get the 50 day EMA trying to cross below the 200 day EMA which is known as the “death cross.”

It is not until we break above the 0.75 level that I would be tempted to try to go long the Australian dollar, and that does not look like something that is going to happen anytime soon. That being said, if it was going to happen, then it could very well be a move back towards the highs just waiting to happen. In general, I still believe that negativity abounds as the Australian economy continues to get locked down.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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