AUD/USD Weekly Price Forecast – the Australian dollar continues to test support

The Australian dollar fell a bit during the week, and even broke below the 0.70 level. That’s an area that begins a massive support that I’ve been talking about for some time, so I do believe that longer-term buyers are starting to step into this market. With that being the case, I’m willing to put a small long position out there to take advantage of an area that has been so reliable over the last several months. At this point, I suspect that it’s going to take a lot of effort to turn the entire trend around but having said that it’s very likely that we are going to continue to try to do so. There is a massive amount support that extends down to the 0.68 level, so I suspect it’s only a matter of time before the buyers turn things around. However, you are essentially trying to pick the bottom of the overall market. This is never anything easy and doesn’t necessarily move on your timeline. With that being the case, you should pay attention to how the market is moving on the daily chart, but you should also give yourself a chance to gain the large profits that are possible.

AUD/USD Video 06.05.19

Your initial barrier will be the 0.72 handle, but if you can get above there it’s likely that the 0.74 level would be the next target, followed by the 0.75 handle. At this point, I’m not interested in selling this market as there’s so much buying pressure underneath.

Please let us know what you think in the comments below