AUD/USD Price Forecast – Australian dollar continues to find support

The Australian dollar fell a bit during the trading session on Monday, showing signs of stability though because we could not fall apart. Ultimately, this is a market that continues to be very volatile and choppy, but it is very well supported as we can see. It extends all the way down to the 0.68 level, so therefore I think it’s good to be difficult for this market break through that barrier. Pullbacks from here should continue to attract value hunters, but at this point I think this is more about the US dollar than anything else, so pay attention to how the greenback is performing against other currencies around the world. If the currency is fallen against others, then it will probably send this market to the upside.

AUD/USD Video 14.05.19

On the other side, if the US dollar starts to fall rapidly, the Australian dollar could be a good place to start buying. This is because we have so much in the way of support underneath that extends down to hundred pips, so at this point it looks like it’s going to be difficult to break down. With that, I believe that it’s easier to buy this pair than try to sell it, so essentially it’s a one-way trade. Ultimately, the 0.7050 level above being broken to the upside could send this market much higher. Overall, the Australian dollar is highly levered to the US/China trade situation, so until we get some type of good news it’s probably going to hang about this level.

Please let us know what you think in the comments below