AUD/USD Price Forecast – Australian Dollar Continues to Face Same Resistance BarrierAussie dollar has been quiet on Wednesday, as we continue to face the same foe. At 0.70 we continue to see a lot of resistance,that extends all the way to 0.71.
The Australian dollar has struggled to break above the 0.70 level yet again during the trading session on Wednesday, as this area has been a bit of a “brick wall.” It extends all the way to the 0.71 handle, so do not be surprised at all to see this market struggle and therefore I think it is only a matter of time before we pull back yet again. To the downside, I see the 0.68 level as a major level of support, so I think that is probably going to be the target on any type of breakdown. A break down below there, we probably go down towards the 200 day EMA near the 0.6675 handle.
AUD/USD Video 09.07.20
The 50 day EMA has just crossed the 200 day EMA in the past couple of weeks, so in theory that makes it an uptrend for a lot of traders, but it is not until we break out above this resistance zone that people are going to take the move seriously. This is a marketplace that continues to chop around in general though, so I am more of a range bound trader when it comes to the Aussie right now than anything else. Eventually, we will break out of this consolidation and it will lead us to a bigger move. Right now I just do not see that happening now.
For a look at all of today’s economic events, check out our economic calendar.