AUD/USD Price Forecast – The Australian Dollar Breaks To Extreme Highs

Christopher Lewis
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The Australian dollar has rallied significantly during the trading session on Thursday, breaking above the highs of the previous session. The Australian dollar reached towards the 0.63 level, and as a result it looks as if we are going to see more buying given enough time. Ultimately, if the market pulls back from here there should be plenty of buyers underneath. That being said, it doesn’t mean that we go straight up in the air, and quite frankly we are still looking at a scenario where headlines for the market around. However, the Federal Reserve looking to liquefy all markets out there suggest that the US dollar could lose a certain amount of value. That being said, there are still a lot of concerns out there, so being cautious is still the order of the day.

AUD/USD Video 10.04.20

Underneath, the 0.62 level should now offer support so a revisit to that area could bring in buyers. A breakdown below that level could throw more doubt into the scenario, but at this point it certainly looks as if the Aussie is trying to make a serious turn around. The market should continue to see a lot of volatility and of course the Australian dollar will be a huge center of that volatility as it is so highly levered to China. To the upside, if we can clear the 0.63 handle, it’s very likely we could go towards the 0.65 level. That is a major level, and it should be noted that these big figures tend to attract a lot of attention. Expect volatility, so keep your position size small.

This article was originally posted on FX Empire

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