AUD/USD Price Forecast – Australian Dollar Breaks Even Higher

The Australian dollar has shown itself to be strong again during the trading session on Friday as we continue to see a lot of upward pressure. The US dollar itself is in serious trouble and I think that is going to continue to be the main theme in the Forex markets. With the Federal Reserve essentially admitting during the trading session on Thursday that they were probably years away from raising interest rates, this puts even more downward pressure on the greenback, which of course shows itself in multiple currencies. Across-the-board during the trading session on Friday we had seen the US dollar lose its strength. The Australian dollar had already been strong, so it makes sense that continued higher.

AUD/USD Video 31.08.20

At this point, I like the idea of buying pullbacks which has been the case for some time now anyway. Ultimately, I do think that we are going to go to the 0.75 level given enough time, and with that being the case I am more than willing to be patient and pick up Aussie dollars every time they are offered “on sale.”

The 0.71 level continues to be massive support, extending all the way down to the 0.70 level. Ultimately, I do think that we get an opportunity to go towards the 0.75 level, but I think longer term we are more than likely going to go as high as the 0.80 level. With that being the case, I remain very bullish of the Australian dollar and with the recent recovery that we have seen over the last several months, it is clearly one of the strongest currencies out there.

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