AUD/USD Price Forecast – Australian dollar quiet on Tuesday

The Australian dollar did very little during the trading session on Tuesday as we opened up, after selling off rather drastically on Monday. At this point, I probably favor the downside but at this point it’s very unlikely to have any easy way to go lower considering there seems to be a significant cluster just above the 0.69 level. Because of this, I think that you are probably going to see some buyers step back into the market given enough time, but we don’t have the candlestick or price action to compel me to start buying.

AUD/USD Video 12.06.19

You should keep in mind that the Australian dollar is highly sensitive to the US/China trade situation, which is still murky at best. We have not made significant gains, so at this point I don’t think the Aussie has an easy route higher either. In short, I believe that we continue to chop around just below the 0.70 level and would not become overly bullish until we break above the 0.7060 level. That being said, we could see a buying opportunity close to the 0.69 level, and most certainly would see a lot of interest at the 0.6850 level.

Gold has provided a little bit of a lift for the Aussie as of late, but it looks as if it is rolling over as well. The one thing that does help this market is the fact that the Federal Reserve does look like it’s going to go into an easing mode, so that could decelerate any negative pressure.

Please let us know what you think in the comments below