AUD/USD Price Forecast – Australian dollar falls again on Wednesday

The Australian dollar has broken down a bit during the trading session on Wednesday, reaching towards the 0.6750 level. That’s an area that has been a bit of a magnet for price in both directions, and as a result it’s likely that the market has to pay attention to it. Ultimately, this is a market that will continue to move with risk appetite and perhaps even the US/China trade situation. Granted, the Chinese have recently suggested that they were going to expand a buying of agricultural goods, but quite frankly it’s out of necessity more than anything else.

AUD/USD Video 26.09.19

At this point, it seems less likely that we are going to get a deal between the Americans and the Chinese as long as Congress is through the whole impeachment process. Ultimately, the market will continue to be volatile considering that the “risk on/risk off” situation continues to be a major issue. Overall, this is a market that is struggling for some type of grip going forward. At this point, to the upside the 0.69 level would be massive resistance, just as the 0.67 level underneath has been massive support. All things being equal, this is a pair that is probably best left alone, but one thing that you need to keep in mind is that it is most certainly in a downtrend and has been for quite some time. Beyond all of that, the 200 day EMA is sitting just below the 0.70 level, which obviously is a large, round, psychologically significant figure as well. In other words, rallies will probably be faded but I’m not looking for some type of meltdown.

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