AUD/USD Price Forecast – Australian dollar crumbles on Friday

The AUD/USD pair has pair has been very negative during the day on Friday, crashing into the 0.73 level. This is an area that has been crucial for support on the weekly charts, as we have formed several hammers in this area. However, if we close the market close to this area, it’s likely that we could find buyers jumping into the market. After all, this is been an area that we have bounced from several times. This simple trigger for selling will be a fresh, new low, breaking down through the lows of the Friday session. At that point, we could unwind and go looking towards the 0.70 level underneath. It will be interesting to see how this plays out, because this market is still volatile all of the sudden.

Gold of course has its usual influence at times, but lately the two markets have become a bit disconnected. This is a market that continues to be dangerous, so I wouldn’t put too much money into any one position. Building up a longer-term move might be the possible play here, but we need some type of confirmation so that you don’t risk too much of your account in one sudden move. We either bounce from here and hold the 0.73 level, perhaps reaching towards the 0.75 level after that, or we break down to the 0.70 level next. I think it’s basically a simple as that right now.

AUD/USD Video 13.08.18