AUD/USD Price Forecast – Australian Dollar Continues Choppy Behavior AgainThe Australian dollar went back and forth during the trading session on Tuesday, as the 0.6775 level continues to attract a lot of order flow. At this point though, the Aussie is essentially “stuck” due to the Chinese situation.
The Australian dollar went back and forth during the trading session on Tuesday, as we continue to see a lot of headline noise coming out of the US/China trade situation. Quite frankly, this point it’s very difficult to imagine a scenario where we get a lot of traction one way or the other until we get some type of clarity when it comes to that situation. If we can break down below the 0.6775 level, then it’s likely that the market then goes down to the 0.67 handle. Otherwise, to the upside we could break above the 50 day EMA and go looking towards the 0.69 handle. All things being equal though, I think this is a market that continues to be very noisy and difficult to trade because the US/China trade nonsense continues in perpetuity.
AUD/USD Video 27.11.19
At this point, I don’t have much in the way of interest in trading the Australian dollar, but I do recognize that we had formed a bit of a “double bottom” down at the 0.67 handle, and if we were to bounce from here it could be the beginning of a major trend change. It would be a “double bottom, with higher low” type of formation. That of course would be a huge sign that perhaps we were finally going to see this market go higher, as it is historically cheap. However, there is going to be a lot of noise out there in the short term, so simple observation is probably the best way to deal with this market right now.
Please let us know what you think in the comments below