AUD/USD Price Forecast – Australian Dollar Quiet In The Week

The Australian dollar has gone back and forth during trading on Friday, not doing much as we are sitting above the 0.68 handle. By doing so it shows that the market is essentially trying to figure out its next move but when you look at the longer-term chart, you can see clearly that there is significant resistance above the 0.69 level, and massive support at the 0.67 handle. In other words, I fully anticipate seeing a large consolidation area between these two levels, and at this point it’s very difficult to make an argument for this market to suddenly explode to the upside.

AUD/USD Video 28.10.19

Ultimately, this is a market that should continue to see a lot of choppiness and indecision due to the fact that the Australian dollars so highly levered to the Chinese economy. After all, the Americans and the Chinese are anywhere near some type of an agreement now, although things have gotten a little bit more amicable between the two countries. That being said though, it’s not enough to move this market in one direction or the other, and therefore it’s very unlikely that we will see very little happen in this market until we get some type of definitive move one way or the other between those two countries. With that, I would anticipate a lot of back-and-forth trading and as we are closer to the top of the range than the bottom, it’s very likely that we continue to see short-term downward pressure.

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