AUD/USD Weekly Price Forecast – Australian dollar pulls back for the week

The Australian dollar has pulled back a bit during the week, as we were above the 0.70 level. That is a major area of resistance, but the pullback could be the market trying to pick up a little bit of momentum in order to get a breakout going. Overall, the Australian dollar is highly sensitive to the US/China trade situation, which of course is all over the place. Ultimately, that does seem to be calming down a bit so it should help with the Aussie dollar overall. Beyond that, you can look at the chart and see that we are trying to form a bit of a bottoming pattern so if you are cautious enough or at least patient enough, you should be able to make money to the upside.

AUD/USD Video 08.07.19

That being said, we still have plenty of bullish pressure underneath, and therefore it looks like we could go higher. The 0.7060 level above is significant resistance, but if we can break above there it’s likely that the market could go looking towards the 0.72 handle. Pullbacks should continue to offer plenty of value so I think that it’s only a matter time before we turn this entire thing around. At this point it’s likely that the market continues to see a lot of headlines that thrown around, not the least of which would have been the jobs number on Friday being stronger than anticipated, throwing a little bit of fear into the market that there might be a chance that the Federal Reserve doesn’t cut rates, but quite frankly that’s very unlikely at this point.

Please let us know what you think in the comments below