AUD/USD Weekly Price Forecast – Australian dollar still dead money

The Australian dollar has gone back and forth during the week, showing signs of neutrality as we hang around the same level yet again. At this point, the market seems to be very likely to just simply hanging around this area as it is essentially “dead money”, and held hostage to the US/China trade situation. That situation doesn’t seem to be getting any better, so at this point it’s very likely that we continue to see a lot of back-and-forth pressure, keeping longer-term traders out of this market. All things been equal though, it’s likely that we are going to continue to see very little to do in this market.

AUD/USD Video 30.09.19

It’s not until we get either an agreement between the Americans and the Chinese, or a complete breakdown that it will be a market that we can put serious money to for the longer-term. All things been equal though, we are in a downtrend so one would think that it would be easier to break down but obviously a complete change in the US/China situation could throw this market right back up in the air and send buyers into it. Ultimately, we are simply biding our time and waiting for some type of in game to be played out between Washington and Beijing before this is a tradable market. In the short term, it’s probably going to be more of a scalping type environment which obviously has nothing to do with weekly charts or long-term traders. Unfortunately, you are probably going to have to sit on your hands and simply wait.

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