AUD/USD Weekly Price Forecast – Australian Dollar Continues to See Resistance Above
The Australian dollar tried to rally during the week but continues to find the 0.70 level as very resistive, and therefore we did pull back from that level again. Ultimately, this is a market that will continue to see sellers just above this area, and therefore I like fading the Australian dollar on the whole. However, it is worth paying attention to the fact that we simply will not break down with any type of resiliency.
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I think at this point we need some type of impulsive candlestick to get involved, perhaps offering a little bit more in the way of clarity. The only thing that we have as far as clarity is concerned right now is the 0.70 level, and the fact that it causes massive amounts of selling. That being said, if we were to break above that level, it is likely that the market will try to reach the 0.71 level, which breaking above there would be a “buy-and-hold” type of scenario.
AUD/USD Video 22.06.20
To the downside, we could go looking towards the 0.6675 level, which is an area that continues to be very crucial. I think at this point it is likely that we will try to get there eventually, especially if you take a look at how the market is starting to pull back a bit. It is going to be very choppy on the way down, but that is my base case scenario. If we were to break down below the 0.6675 handle, it is likely that the market would go looking towards the 0.65 handle.
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