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AUD/USD Price Forecast – Australian dollar starts off the week quietly

The Aussie dollar fell slightly to kick off the week, but not enough that anybody noticed. This is a market that is currently digest the lot of bullish pressure, it of course with all of the questions around the US/China trade sanctions, Australia is unfortunately an unintentional casualty.
Christopher Lewis
AUD/USD daily chart, April 23, 2019

The Australian dollar didn’t do much during the trading session on Monday to kick off the week, but quite frankly that shouldn’t be much of a surprise. After all, the Forex markets in general are waiting on the lot of different announcements this week, so it’s not a huge surprise to imagine a scenario where we simply grind back and forth for a few days. Overall, I would say that this market is slightly heavy, but on the whole I do like the idea of buying the Aussie dollar as it is clearly attached to the Chinese economy, which is starting to pick up a bit.

AUD/USD Video 23.04.19

Beyond that we have the 0.70 level underneath which of course is a major floor in the market, so it’s very likely that every time we pull back value hunters will continue to return to the market. I perfectly fine with buying short-term dips, thinking them to be value, and then taking small profits. Longer-term though, I suspect that building a core position may work out as well as this could be the absolute bottom of the Aussie dollar. If that does in fact end up being the case, fortunes will be made by hanging onto a position from down here, but it should also be pointed out that it’s very unlikely that it will be easy to take that trade. In other words, you are more than likely going to see a lot of back and forth in this region. However, I do believe in the upside story more than the down.

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