AUD/USD Price Forecast – Australian dollar runs into resistance

The Australian dollar has rallied a bit during the trading session on Thursday but has also found plenty of selling in the area of 0.70, an area that is not only a large, round, psychologically significant level, but it is also an area where we have seen the lot of selling pressure previously. With that in mind it makes sense that we pull back from here, as we head into the weekend. After all, we have the G 20 and that will have a major impact on what happens with the Australian dollar. It’s not the meeting itself but it’s the meeting between the American and Chinese officials. If that’s going to produce some type of positive result, we may have the ability to look to the upside and break out. However, it’s very unlikely and I suspect that it’s likely that we will probably roll over.

AUD/USD Video 28.06.19

At this point in time, the market continues to bounce around in 50 pips increments but I think it’s much easier to sell this market than by it right now, because quite frankly it is going to be choppy going forward. We have recently made a “lower low”, so the question is whether or not we make a “lower high” in this area. The next couple of days should tell us what to do but it’s obvious to me that the markets need to make a significant decision so I would not expect major moves over the next couple of days.

Please let us know what you think in the comments below