AUD/USD Price Forecast – Australian Dollar Breaking Big Figure

The Australian dollar has rallied a bit during the course of the trading session on Tuesday as we are breaking the 0.78 level as I record this video. This of course is a market that has been rallying for some time, but it also faces a lot of noise just above. In other words, I think that will continue to be the theme here, that we grind higher and see the occasional pullback. All things being equal, this is a market that I think will continue to see a drive towards the 0.80 level, which is a major barrier on the monthly charts.

AUD/USD Video 19.05.21

The 0.80 level extends to the 0.81 handle, and if we can break above there then I believe that the Australian dollar will become more of a “buy-and-hold” asset as it had been previously to get to this level. All things being equal, I do not have any interest in shorting this market, at least not until we break down below the 0.75 handle, which is three handles below where we are right now. With that being the case, I think that you continue to look at this market through the prism of a bullish market, but one that is going to be very noisy to say the least.

The 50 day EMA underneath continues offer support as we have seen of the last couple of weeks, so that is my for short-term support level. I think at this point in time the market is looking likely to close towards the top of the range for the day, so that in and of itself could send this market higher.

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