AUD/USD Price Forecast – Australian dollar grinds sideways

The Australian dollar has gone back and forth during the trading session on Tuesday, as we continue to see a lot of resiliency and the Aussie, but at this point it looks as if we could roll back just a bit. Nonetheless, that should be a buying opportunity as there should be plenty of support at the 0.70 level underneath. That’s an area where I would fully anticipate seeing quite a bit of buying pressure as it is a major support level that extends down to the 0.68 level.

AUD/USD Video 20.03.19

That support level is seen on a monthly timeframe charts, and that of course means that everybody else in the world can see it. That being the case, it’s an obvious area to be trading off of. This is why I have been buying the Australian dollar on short-term dips, picking up little bits and pieces of profit, and then doing it again. Longer-term, I believe that eventually will get some type of an agreement between the Americans and the Chinese, or we can start seeing the Chinese stimulus work out, both of which would be good for the Australian dollar longer-term. With that, I believe that this is a one-way trade, but if we did somehow break down below the 0.68 handle, that would change everything.

To the upside, the 0.71 level is resistance, just as the 0.72 level could cause resistance as well. Because of this, I think that it’s very likely that we will continue to see a lot of volatility.

Please let us know what you think in the comments below