AUD/USD Price Forecast – Australian dollar testing Round figure

While most of you weren’t trading back then, the financial crisis saw the Australian dollar oscillated between the 0.63 level and the 0.65 level and it’s very depths. At this point, we are testing the top of this area and it does make sense that it would attract a lot of attention. That being said, it’s possible that we are in fact trying to form some type of bottom because although we are not sure what happens next, the reality is that the markets are forward-looking, and they are trying to find a reason to get bullish about something.

AUD/USD Video 12.03.20

If the market were to break down below the 0.63 level, that would be an extraordinarily negative sign. Ultimately, if the market breaks down below that level it’s likely to go looking towards the 0.60 level. To the upside, the 0.67 level is going to offer a lot of resistance, but if we can break above there it’s likely that the turnaround will begin. China is starting to go back to work and that does help the Australian dollar, but at this point things are very fluid so therefore it’s going to be more or less longer-term traders looking at picking up the Aussie right now, and that of course will mean smaller positions. If the Chinese situation gets better, that will be the signal that the Aussie is oversold, and it’s possible that we could continue to go much higher. Looking at this chart, the money candlestick was very telling, showing just how supportive the 0.63 level will be.