AUD/USD Price Forecast – Australian Dollar Sluggish on Monday

The Australian dollar has rallied just a bit during the trading session on Monday to kick off the week a little bit sluggishly. Ultimately, this is a market that I think is trying to get to the 0.80 level, but if we have a pullback here, we will more than likely to see more value hunters coming back in. After all, the Australian dollar is one of the most sensitive currency is when it comes to the commodity market. With everybody in the world betting on inflation, commodities will continue to pick up a little bit of interest.

AUD/USD Video 23.02.21

At this point in time, the market is likely to see quite a bit of choppiness, and we did get a little bit of a pushback, but ultimately this is a market that I think is trying to figure out how to find the momentum to continue going higher. The biggest thing to pay attention to is that the 0.80 level is a major pivot point on the monthly chart, and as a result I think it is going to be very difficult to simply slice through this area. In fact, we are looking at something that could have a major influence on where we go over the next couple of years based upon the 0.80 region. The reason I use the word region is that on these big areas that are important on a monthly chart, you can be talking about a range of 300 pips or sometimes even more. Nonetheless, I do think that we are making a major decision rather soon. In the short term, I believe that the 0.78 level underneath should be supportive.

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