AUD/USD Price Forecast – Australian Dollar Very Quiet

The Australian dollar has gone back and forth during the course of the trading session on Tuesday as we simply have nowhere to be. The Australian dollar has been a miserable market to be involved in unless of course you are a scalper, which in that scenario it has been great because it has been so well defined in a very tight range. Nonetheless, this is a market that I think will continue to see a lot of choppy behavior as we are trying to figure out whether or not we can break out to the upside yet.

AUD/USD Video 09.06.21

Looking at this chart, I like the idea of waiting to see whether or not we can clear the 0.79 level, because it would open up a move to the 0.80 level, a major area to deal with on longer-term charts. If we were to clear that resistance barrier, it is very likely that the market could go all the way to the 0.90 level. However, we have a ton of noise to chew through to even get there, and it is very likely that might be something that we look at later this year, if at all.

To the downside, I see the 0.76 level as significant support that extends down to the 0.75 level, and I do think that it would be very difficult to break down through there. However, if we were to break down through there, then we could see a 500 point drop rather quickly. If that is the case, then I would anticipate that the 0.70 level would be an area of significant interest and support.

For a look at all of today’s economic events, check out our economic calendar.