AUD/USD Price Forecast – Australian Dollar Quiet

The Australian dollar has shown itself to be rather noisy, so at this point in time it looks as if we are still trying to figure out whether or not we can continue to go higher. There are a lot of concerns out there around the world, so that of course has an effect on riskier currencies such as the Aussie dollar. However, the Australian dollar also has a significant correlation to the Chinese economy, something that certainly helps at the moment. With that, I remain a bit more bullish than bearish, but I also recognize that the market probably needs to digest some of the gains that we have had recently, as the market went straight up in the air.

AUD/USD Video 15.09.20

To the downside, I believe that the 50 day EMA and the 0.71 level will offer support. I believe that support extends down to at least the 0.70 level. With that in mind, I would be a buyer of dips more than anything else. I certainly would not be a seller of the Australian dollar, because I believe that the trend is firmly ensconced in the market right now, and quite frankly there would be easier currencies the by the US dollar against. That being said, I do believe that we get a little bit of a short-term pullback, but that short-term pullback should end up being a nice buying opportunity. To the upside, I believe that the 0.74 level will continue to be an area that traders trying to bang up against, and finally break through to reach towards the 0.75 handle.

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