AUD/USD Price Forecast – Australian Dollar Sitting at Familiar Level
The Australian dollar initially dipped lower during the trading session on Monday, to break down below the 0.75 level. At this point in time, the market is likely to turn around and try to rally a bit, as we have already seen the Aussie recover. We are obviously in a very bullish run, so now the question is whether or not we can take off to the upside? If we can, this could be the beginning of something rather large, and it does not take too much in the way of imagination to see the current consolidation as forming an ascending triangle.
AUD/USD Video 02.11.21
The Australian dollar of course is highly sensitive to the commodity markets, and therefore you would need to pay close attention to some of the harder assets such as copper and iron. Nonetheless, it certainly looks as if Australia is ready to launch a bit, especially as the Australian economy is trying to reopen, so it should continue to attract a bit of a recovery type of trade. With this being the case, I think that it is probably only a matter of time before the measured move of the “W pattern” starts to play out as well, meaning that we could get to the 0.78 handle.
Pay close attention to the 0.76 level, because it is that area, we need to get above in order to really start to pick up momentum. We have been digesting gains as of late, but that should not be a huge surprise due to the fact that we have seen so much in the way of noisy behavior.
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