AUD/USD Price Forecast – Australian Dollar Struggling at Major Figure

The Australian dollar fell a bit during the trading session on Friday, but it is also an area that probably could have caused quite a bit of selling pressure due to the fact that it is a large round figure, and of course we are a bit stretched. This is also an area that has been important in the past, so looking at this chart it is likely that the traders out there will continue to look at the 0.65 level with a bit of caution. That being said, there is a lot of noise just below could support this market.

AUD/USD Video 04.05.20

The market seems to be trying to figure out what to do with the bullish attitude coming out of the United States as far as stocks are concerned, and of course we should also pay attention to the fact that Australia has a relatively low incidence of coronavirus infections, so perhaps as part of what has been lifting the Aussie. Overall, this is a market that I think does continue to look very suspicious, so having said that at the very least I think a pullback is probably necessary.

However, if we break to a fresh, new high it is likely that we will go looking towards the 200 day EMA, and perhaps even the 0.67 level which is the top of the overall consolidation area, and if we can somehow break out above there, the market is likely to go looking towards the 0.70 level underneath. All of that being said, I believe that the market has a little bit more negativity ahead of it, but you need to be extraordinarily cautious in this region.