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Christopher Lewis
AUD/USD daily chart, October 15, 2019

The Australian dollar has initially tried to rally during the trading session on Monday but gave back the gains as soon as the 50 day EMA was tested. Because of this, it makes quite a bit of sense that the market would continue to reach towards the 0.6750 level as it is essentially “fair value” for the reset consolidation since July. The market continues to see a lot of choppiness in general, because quite frankly there isn’t any news to drive the markets in one direction or the other. As long as that’s the case, it’s likely that the market will continue to see resistance at the 50 day EMA with a significant support level at the 0.67 level.

AUD/USD Video 15.10.19

At this point, it’s probably going to be a short-term trading type of situation, going back and forth in little increments. I have been aiming for 20 or 30 pips every time I traded this pair in a back-and-forth manner. I don’t think that changes anytime soon as the market participants have to worry about whether or not there is going to be a trade agreement, whether or not there is going to be global growth, or even just good economic news in general. With that being the case, I think that this pair continues to chop around in the same range it been in for several months and therefore short-term 20 to 30 pips exchanges going back and forth in a range bound system makes the most sense.

Please let us know what you think in the comments below

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