AUD/USD Price Forecast – Australian Dollar Bounce Is Slightly

The Australian dollar of course is highly levered to the Chinese economy, and of course is highly levered to global growth in general. At this point it looks as if the global growth is falling apart even further and that is going to continue to weigh upon the Aussie. However, the little bit of a relief rally that we have seen has barely put a dent in the massive selloff that we had seen on Thursday. At this point, it’s probably more short covering than anything else. The 0.62 level has been supportive, and it’s likely the market will continue to see sellers come in and fade this market on signs of exhaustion.

AUD/USD Video 16.03.20

To the upside, the 0.65 level should be massive resistance and the biggest trick that we are going to have here is that the headlines of the week and of course will have a major influence on what happens next, and it’s very likely that the weekend will be used as an opportunity to do some type of fiscal stimulus, as we have already seen in Germany. The question now isn’t so much about what happens in Australia but what happens in the United States. We are still waiting for that answer, so until then the markets are somewhat on hold. At this point though, it does look like we are probably going to continue to fade rallies, but it should also be noted that we may see a completely different market on Monday as we are so headline driven at this point. We are getting close to the bottom of the financial crisis levels, so I think that there is a certain amount of built-in support in this general vicinity.