AUD/USD Weekly Price Forecast – Australian Dollar Continues To Flex Its Muscles

The Australian dollar has pulled back significantly during the week but found buyers to turn things around and rally again. The massive shooting star from the previous week is a negative sign but it looks as if we are trying to break out to the upside. If we were to clear the 50 week EMA, as well as the weekly candlestick, is very likely that this market will continue to go much higher. At this point, the market is likely to go looking towards the 0.71 level, and then possibly the 0.73 level.

AUD/USD Video 23.12.19

Looking at the Australian dollar, keep in mind that it is highly sensitive to the US/China trade talks, and things are going much better this point. We aren’t quite ready to look at this as a trend change yet, but it’s getting tantalizingly close and I suspect this might be a major story for 2020. Pullbacks at this point should be thought of as potential buying opportunities but you should be looking at the market is one that you should be investing in, not necessarily trying to day trade. This is going to set up quite nicely for longer-term “buy-and-hold” type of traders, and it’s likely that the 0.67 level might end up being the massive support that the market needs. Below there, the 0.65 level will also be crucial as well. Ultimately though, that probably doesn’t happen unless the US/China trade situation deteriorates even further. All things being equal, I anticipate that this market is probably going to shoot higher over the next several months.

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