AUD/USD Price Forecast – Australian Dollar Struggling for Support

The Australian dollar fell a bit during the trading session on Thursday in Asia and Europe, but then bounced a bit to show signs of resiliency. That being said, the markets certainly have produced a very negative candle during the previous session, so I think it’s only a matter of time before we rollover. Furthermore, it makes quite a bit of sense that we would see that happen as there is more of a “risk off” attitude out there right now. Ultimately, this is a pair that has perhaps gotten a bit ahead of itself and we did find quite a bit of resistance at the 61.8% Fibonacci retracement level. Ultimately, if we break down below the bottom of the candlestick again from the previous session, it’s likely that the market goes down to the 0.62 handle, perhaps even the 0.60 level.

AUD/USD Video 17.04.20

To the upside, I would be a seller of 0.6450 and above until we can get a daily close above the 0.65 handle. If that happens, then I would have to rethink some things, but that’s a bit difficult to imagine right now due to the fact that the growth situation around the world clearly must be dwindling. Even though some parts of Asia have tried to go back to work, and of course Europe is trying to do the same, the reality is we are really starting to see flareups of a second wave of coronavirus in places like Singapore, so clearly we have a long fight ahead of ourselves.