AUD/USD Price Forecast – Australian dollar continues to struggle

The Australian dollar went back and forth early on Monday to at the very least stabilize, but at this point there’s nothing compelling about the Aussie to get aggressive about. We are at crucial levels, so there are plenty of things to pay attention to.
Christopher Lewis
AUD/USD daily chart, June 18, 2019

The Australian dollar went back and forth during early trading on Monday, as we have no clear momentum in either direction. At this point though, we have fallen rather hard and while that is a very bearish sign, the reality is that we are also at an area where we should see a bit of support. Looking at this chart, there is probably significant support all the way down to the 0.68 level, so at this point I would be looking for a buying opportunity. That being said, it’s not very likely to be an easy currency to go long of.

AUD/USD Video 18.06.19

To the upside I suspect that the 0.69 level could be resistance, and the short-term target. If we can break above there, and I think we will if we rally, then it’s more likely that we go looking towards the 0.6950 level. However, there are so many moving pieces right now that it’s difficult to get overly excited in one direction or the other.

Keep in mind that this pair is going to be very sensitive to the US/China trade relations, and therefore headlines will move the Aussie quite a bit. The one thing that seems to be lifting the market slightly is that the Federal Reserve is starting to sound a bit more dovish. However, at this point it’s likely that this market simply bounces around and the 50 pip levels that I have marked on the chart. Day trading on short-term charts between these levels continues to be where we go.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.