AUD/USD Price Forecast March 12, 2018, Technical Analysis
The Australian dollar rallied during trading on Friday after the jobs number came out stronger than anticipated in the United States. With the Friday announcement being 313,000 for the month of February, it shows that perhaps there is more of a “risk on” sentiment ready to happen. If we roll over, I anticipate that we are simply going to consolidate a bit more, and then eventually continue to rally. If we break above the 0.75 zero level, that is also reason enough to go looking towards the 0.79 handle. A break above there that frees the market to go to the 0.80 level after that. That’s an area that has been a fulcrum for price for decades, and I think that continues to be an area that is going to continue to be noisy.
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Gold obviously has its influence on the Australian dollars well, so pay attention to that market. Gold did well on Friday, so it makes sense that we continue to see this type of action. I believe that the 0.7775 level is now going to offer a bit of support, just as the 61.8% Fibonacci retracement level has in the past as well. Overall, I believe that buyers will continue to look at pullbacks as value in this market, unless we get some type of “risk off” attitude in the market due to geopolitical concerns.