AUD/USD Price Forecast- Australian dollar forming new support
The Australian dollar has continually pulled back towards the 0.7275 level, where it has been finding support during the session. Because of this, I think that the market will eventually go looking towards the 0.7350 level above, which of course is a significant resistance barrier from previous trading. I think that the market will continue to be extraordinarily noisy, but at the end of the day I think that the Australian dollar will benefit from any good news we have out of trade relations. Beyond that, gold has its usual influence, which lately has done quite well so we should see a bit of a turnaround because of this as well.
If we do break down below the 0.7275 level, then I think the market will probably go looking towards the 0.7250 level, then the market will probably go looking towards the 0.72 level after that. This market continues to be very noisy, but I expect that to be the case as we have so much in the way of risk appetite out there being thrown around by the occasional headline, and I don’t see this changing anytime soon. However, the recent action certainly has been a lot more encouraging for those who would take on risk appetite at this point. If we can break above the 0.7350 level, then the market will more than likely continue to go much higher, looking towards the 0.75 level.
AUD/USD Video 31.08.18
This article was originally posted on FX Empire
