AUD/USD Weekly Price Forecast – Aussie continues to find support

The Australian dollar fell during the week initially, but then found plenty of buyers underneath the continue to press towards the upside. At this point, it’s obvious that we have a major support level just below us, and I think the market is trying to change the overall trend.
Christopher Lewis
AUD/USD weekly chart, March 18, 2019

The Australian dollar has shown itself to be well supported below at the 0.70 level, so it makes sense that we continue to grind sideways overall. When you look at the monthly chart, you can quite easily see that there is support between the 0.70 level and the 0.68 level, so it makes sense that we continue to grind here in a bid to change the trend. In fact, I think that the Australian dollar probably has bottomed overall, so therefore I don’t have any interest in trying to short the market. In fact, I believe that short-term dips continue to offer buying opportunities as I have been collecting a larger position in little bits and pieces.

AUD/USD Video 18.03.19

I like the idea of buying the Aussie and building up a massive position as I think we are changing the overall trend. I have no interest in shorting the Aussie unless we break down below the 0.68 handle, something that looks very unlikely to happen as we have so much in the way of order flow underneath. As soon as we get some type of good news out of the US/China trade situation, or as Chinese economic numbers continue to climb after massive stimulus, it makes sense that the Aussie will be one of the main beneficiaries. That doesn’t mean that this is going to be the easiest market to trade or take advantage of, just that we are in a massive accumulation phase right now.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers