AUD/USD Price Forecast – Australian Dollar Pulls Back Slightly

The Australian dollar has initially tried to rally during the trading session on Thursday but then fell again to show signs of more choppiness. That is not a huge surprise, because we have just broken out. I think we need to pullback a little bit in order to entice traders back into the pair, and then we should eventually go much higher.

If we can break above the top of the shooting star during the trading session from Wednesday, then I think that this market is free to go another 100 pips or so. Longer-term, I believe that the market is probably going to go looking towards the 0.80 level. Obviously, it could take quite some time to get there but if you are a longer-term trader that has to be an area that you are paying attention to.

AUD/USD Video 24.07.20

To the downside, I believe there is a significant amount of support near the 0.70 level, and I would be very interested in buying close to that level. At this point though, it is likely that we are simply going to see a little bit of a pullback in order to retest the general vicinity, and I do not know if we go all the way down to the 0.70 level. I do prefer buying dips at this point, and most certainly have no interest whatsoever in shorting the Australian dollar as it has been relentless in its pursuit of higher levels.

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