The Australian dollar drifted a little bit lower during the session on Thursday, as we continue to see a lot of tension between the Americans and the Chinese. At this point, it looks very likely that we are going to go looking towards the 0.68 level underneath. At this point, it looks very likely that the level will cause a bit of a fight, but if we were to break down below there it’s likely that we could see a lot of volume flow back into the market and push the Australian dollar down to the 0.65 handle. That being said, I think it is going to take some type of major event to make that happen.
AUD/USD Video 24.05.19
Overall, I think that this is a market that’s probably best left alone, because there are so many moving pieces you just don’t know where it’s going next. Beyond that, we are right in the middle of a major thick area of noise on longer-term charts, so at this point it’s very difficult to see any type of easy trade at this point. However, if the United States and China can pull it together, you are very likely to see this market shoot straight through the roof. That being said, there are no real hints the breakthrough is about to happen. Ultimately, this is a market that will be difficult to deal with and probably should be left alone. Ultimately, I think we are stuck between 0.68 on the bottom and the 0.70 on the top.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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