AUD/USD Price Forecast – Australian Dollar Has Attended Ahead of GDP Figures

The Australian dollar has initially rally during the trading session on Tuesday but have given back some of the gains as there really is not much to drive the market heading into the GDP figures. With that in mind, this is a market that I think probably has quite a bit of work to go in order to break above the 0.74 level. That is the top of the nearest consolidation area, and we have already seen the market peel back away from of the area a bit. Furthermore, the 50 day EMA is starting to come into the picture, so that could have an influence as well.

AUD/USD Video 01.09.21

When I look at this chart, I also notice the death cross that sits near the 0.75 level, something that longer-term traders might be paying close attention to as well. Ultimately, I had thought that the market would make its way down to the 0.70 level, and even though we have bounced quite considerably, we have not changed the trend quite yet. With that in mind, I think that we may get an opportunity to short the Australian dollar in the next couple of days, and a move below the lows of the Tuesday session would be the first place I would start to build a position to the downside.

As far as buying is concerned, I would need to see this market close above the 0.74 level on a daily close, and of course see the US dollar been sold off against everything simultaneously. At that point, then it would make a lot of sense that the markets would continue to go higher as it would be a significant reversal.

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