AUD/USD Price Forecast – Australian Dollar To Test Resistance

The Australian dollar has rallied a bit during the trading session on Tuesday, reaching towards the highs from several days ago. Look at the chart though, you can see I have a rectangle drawn from the 0.69 level on the top to the 0.67 level on the bottom. Beyond that, the 200 day EMA is above inserting the race towards trading action, so that could be a reason to think that sellers are coming back.

AUD/USD Video 30.10.19

The US/China trade situation continues to be tenuous, but it does look as if we will probably sign a “Phase 1” deal between the Americans and the Chinese, and that has people thinking that perhaps things are going to perk up a bit and for more of a “risk on” attitude into the markets overall. At this point, the market has a lot of work to do to get above this resistance pair, but it certainly looks as if it is going to make the attempt. That being said, this is a market that continues to be choppy and noisy, but it is still very much in a downtrend and it wouldn’t take too much to spook traders again and have them selling off the Aussie.

Pay attention to Chinese economic numbers, because they have been softening a bit and that of course has a major influence on the Australian dollar as Aussie economic models are basically formed around the idea of exporting raw materials to China in order to go into the construction of China and of course the manufacturing of exports.

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