AUD/USD Price Forecast – Aussie dollar rallies from Lowes

The Australian dollar rallied a bit during the trading session on Tuesday, showing signs of resiliency near the 0.6750 level. This should not be a huge surprise though, because quite frankly the market has seen this area because a lot of noise previously anyway. The Australian dollar is highly sensitive to the Asian situation, and we may have gotten a bit oversold recently. This was preceded by a parabolic move to the upside so this tells you just how choppy and noisy this pair is to be going forward.

AUD/USD Video 25.09.19

The Australian dollar tends to be a bit of a proxy for the Chinese economy and with the US/China trade talks going on right now, it makes sense that we will continue to trade to be a headline which of course is very aggravating for most traders. That being said, there seems to be a significant amount of resistance near the 0.69 level that will be difficult to overcome. If we do, that could change a lot of things and would certainly send the pear looking towards the 0.70 level. However, it’s very likely that we are going to see plenty of bearish pressure as well, so I believe at this point we are probably going to continue to bounce around between the 0.6750 level and the 0.69 level above. The market will continue to be very noisy, and unfortunately trade based upon headlines and/or Twitter noise. Keep your position size small but look for a choppy range bound market.

Please let us know what you think in the comments below