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Christopher Lewis

The Australian dollar has rallied a bit during the trading session on Wednesday, using the 0.75 level as a springboard of support. In fact, this area extends all the way down to the 0.74 level, as it is previous resistance. This is a significant area of support the people will be taking into account, especially now that the 50 day EMA is starting to race towards that area. All things being equal, I think that the markets will continue to look at this area as a place to find value, and therefore on pullbacks I would be very interested in this pair.

AUD/USD Video 24.12.20

To the upside, the 0.7650 level has been a resistance barrier, but I think we will eventually try to get back up to that area in order to break it. The longer-term target is probably going to be 0.7750, and then possibly to the 0.80 level after that. All things being equal, this is a market that has been very bullish for some time, based upon the idea of stimulus and of course loosening central banks around the world. What this accomplishes is a move towards the commodity complex and therefore pushes the value of the Aussie dollar.

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After all, the Australian dollar is highly levered to the commodity markets as the main exports of Australia are hard assets such as copper, gold, aluminum, and iron. The markets have had a nice run higher for some time, and therefore the fact that we are going a little bit sideways at this point does make a certain amount of sense.

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

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