AUD/USD Price Forecast November 8

The Australian dollar has rallied through a trendline on the daily chart which of course is a very bullish sign. This could be the beginning of an uptrend, but we are starting to see gains temper themselves as the day progresses. With that being the case, it looks as if the 0.73 level is going to offer a little bit of resistance, and a short-term pullback could be part of the plan. At this point, if we drop back below the uptrend line that I have shown on the chart, which is extensively the 0.7240 area, then it would be considered a bit of a false breakout, and at that point I think you would be looking at even more choppiness.

AUD/USD Video 08.11.18

Remember that this pair is going to be extraordinarily sensitive to the US/China trade relations, and as that continues to be a huge question, and therefore I think there is a lot of concern there still, and I think it will continue to weigh upon the Australian dollar. However, I think we are starting to see that the 0.70 level underneath is probably going to offer much more strenuous support than initially thought. The alternate scenario of course is breaking above the 0.73 level, which is a sign that we could go to the 0.75 handle given enough time. This is an extraordinarily volatile pair just waiting to happen, so be cautious about that and keep your position size small as we try to figure out where were going next. Eventually we could get some type of clarity, and once we do the move should be rather quick.