AUD/USD Price Forecast – Australian Dollar Rallies Again On Friday

The Australian dollar has rallied a bit during the trading session on Friday to reach towards the 200 day EMA, an area that has been resistive a couple of times out. Obviously, the 200 day EMA is a longer-term signal and indicator the people will pay attention to. Ultimately, I do believe that the market participants will get involved and eventually we can break above the highs from early in the week. If we do, the market is very likely to take off at that point and go looking towards the 100% Fibonacci retracement level. The Australian dollar is trying to form a longer-term bottom, as we continue to see a series a “higher lows, and for that matter” higher highs.” The most recent one was a little less exciting than the other highs before, but at the end of the day it still counts, and it looks as if we are really going to start pressing the issue here.

AUD/USD Video 23.12.19

The US/China trade situation is the main driver of where we go next, and right now it looks very likely that the two sides are starting to try to come together. This will highly influence the Australian dollar, as Australia is a major producer of commodities that the Chinese use for their export market and of course their construction field. All things being equal, this is a bit of a take on the Chinese economy and I do think that the Aussie will offer an excellent opportunity for 2020. In fact, it’s one of the most interesting currencies out there so far for next year.

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