FXEMPIRE
All

AUD/USD Weekly Price Forecast – Australian Dollar Forms Massive Bullish Candle

The Australian dollar has broken higher during the trading week, as we continue to see moves to the upside. There is a massive amount of support underneath at the 0.67 level as we have formed a bit of a “double bottom” in that area, and as a result now we have to question whether or not a trend change is about happen.
Christopher Lewis
AUD/USD Weekly Price Forecast - Australian Dollar Forms Massive Bullish Candle

The Australian dollar has rallied significantly during the week, showing signs of life yet again. Beyond that, the question now is whether or not this” higher low” is in fact worth paying attention to. It’s also worth noting that the Chinese are starting to soften their stance a bit when it comes to the US/China trade situation, and therefore it’s likely that we will continue to see the Australian dollar react to it. At this point, the market looks very likely to see a lot of back and forth due to the trade war situation. Remember, Australia is highly sensitive to the US/China trade situation, as the Australians are major suppliers of raw materials to the Chinese.

AUD/USD Video 09.12.19

Beyond that, we are at historically cheap levels, so those who are more long-term incline can start to build core position is with the understanding that we could go as low as 0.65. The market is probably due at least some type of relief rally, but at this point it will be very noisy and difficult to deal with. You need to have a lot of wherewithal to hang on to this type of trade, but it certainly looks as if we are getting close to a potential trend change. If we were to somehow break down below the 0.65 level, that would be catastrophic for the Aussie dollar and probably the beginning of some type of financial crisis.

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
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US