AUD/USD Price Forecast – Australian dollar bounces hard from support

The Aussie dollar rallied a bit during the trading session on Tuesday, bouncing from the 0.7050 level, an area that begins significant support down to the 0.70 level. Beyond that, I also see massive support all the way down to the 0.68 level. We are at an area where a lot of value hunters continue to come back in.
Christopher Lewis
AUD/USD daily chart, February 13, 2019

The Australian dollar has bounced quite nicely during the trading session on Tuesday, as the 0.7050 level has offered support again. I think at this point, we will more than likely break back above the 0.71 handle and continue to go higher. Even if we do break down from here I see massive support all the way down to the 0.70 level, which begins another major support level based upon monthly charts that extends 200 pips lower. In other words, this is a market that simply can’t be sold if for no other reason than the technical support.

AUD/USD Video 13.02.19

We have the Americans and the Chinese meeting this week, and any good news out of that scenario should send the Aussie higher as well. If that’s going to be the case, I would fully anticipate a move to the 0.7250 level again, which would test the 200 day EMA. I think it’s going to be very choppy but right now I think we are building up enough momentum to turn things around and rally again. Keep in mind that the Federal Reserve being soft also helps this pair, and of course Gold has shown a proclivity to fight to the upside also, which also can help the Australian dollar. At this point, and at these levels I have no interest in shorting this market as I see far too much in the way of buying underneath.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US