AUD/USD Price Forecast – Aussie dollar rallies during Thursday trading

The Australian dollar has rallied rather significantly during trading on Thursday, and a bit of a “risk on” move. I think that the Australian dollar is going to react to the gold market as per usual, and of course the jobs number coming out today. Because of this, anticipate a lot of noise and be cautious with your position size. I do think that the 0.7350 level is trying to form a bit of a base in this pair, as we have formed a couple of hammers on the weekly chart. Because of this, I do think that eventually the buyers may get their way, but it’s obviously going to be a very difficult thing to accomplish.

At this point, I think it’s probably best to look at this as a “buy the dips” type of marketplace, but I don’t have a lot of faith in longer-term moves quite yet. I think the world needs to see the trade wars calm down and Goldstar to rally to have a lot of faith in the Australian dollar, because it would not only have the US dollar falling in value, but it would also have demand from Asia for Australian hard commodities rising as well. Because of this, I believe that it’s okay to be positive, but I would start small, and then only add to my position as the market works out in my favor. Today will of course be very volatile, but at the end of the day on jobs number reports, a lot of times we end up doing nothing.

AUD/USD Video 06.07.18