AUD/USD Price Forecast – Australian Dollar Continues To Plummet

The Australian dollar continues to plummet as the US dollar attract quite a bit of money coming into the country. The US economy outperforms all of the other major once, so therefore it should not be surprised at all to see the Aussie dollar falling. Furthermore, the RBA meeting minutes were released in they show a lot of concerns around the world. The Australians are more than likely going to be cutting rates, and that of course weighs upon the Aussie dollar against what is the strongest economy out there.

AUD/USD Video 19.02.20

The Australian dollar will eventually go looking towards the lows again, and if we can break down below that level it’s likely that the consolidation that extends down to the 0.63 level, which is the bottom of the range for the financial crisis. That of course is going to attract a lot of attention but quite frankly the Australian dollar seems to be unable to continue any type of significant rally. All things being equal, the market looks as if it has a major resistance barrier in the form of the 0.6775 handle, and if we can break above there then it’s likely that the market could go looking towards the 0.70 level above. All things being equal though, it looks like short-term rallies will be selling opportunities, perhaps reaching down to the bottom of the consolidation range, but one would have to think that the market is eventually trying to form some type of bottoming pattern. It is a bit difficult to get overly bearish at this point but short-term traits to the downside may continue to work out.