AUD/USD Price Forecast – Australian Dollar Pulls Back

The Australian dollar has shown itself to be rather resilient over the last several weeks, but we did get a pull back on Wednesday. This pullback is simply going to be thought of as an opportunity to pick up the Aussie dollar “on the cheap”, as it is so strong. Ultimately, I do like the idea of picking up the Aussie on dips, especially closer to the 0.72 handle. That does not necessarily mean that we will get down there, just that it is a scenario I would like to take advantage of if it presents itself.

AUD/USD Video 03.09.20

The alternative of course is to simply kill time in this general vicinity, which is a very possible outcome due to the fact that we are just a couple of days away from the jobs report, and therefore it is crucial to think that a lot of traders may be a bit hesitant to put a ton of money into the market. Regardless, were in an uptrend and that is the most important thing to pay attention to. As long as that is going to be the case then I prefer to buy on dips as they occur, because quite frankly this is a market that has been extraordinarily strong for some time, and there is no need to think that will change on a whim. I do believe that the US dollar will continue to suffer at the hands of the Federal Reserve in its loose monetary policy, something that cannot be overestimated at this point.

For a look at all of today’s economic events, check out our economic calendar.