The AUD/USD pair simply cannot get out of its own way. This past week as seen yet another 275 pip drop in the Australian dollar. This is been aggravated
The AUD/USD pair simply cannot get out of its own way. This past week as seen yet another 275 pip drop in the Australian dollar. This is been aggravated by the selloff in the gold markets, as well as the fact that the US dollar simply reigns supreme at the moment. Now that we have broken below the 0.98 handle, the next barrier will be the 0.9650 level. Below that, it is a big black hole is going to absolutely swallow this pair if this keeps up. That being said, we would prefer some type of bounce in order to sell the market instead of chasing the trade like we feel we would be doing down here.
AUD/USD forecast for the week of May 20, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
