Australian Dollar Sits Right at Support Forex AUDUSD
Enter your emailWe will see a lot of choppy and sideways behavior, meaning that you should probably be looking more or less at a range-bound type of trade.It should be noted that the 0.70 level has been important multiple times in the past, so it does make quite a bit of sense that the market would stall here.AdvertisementThe 0.70 level of course has a lot of psychology attached to it, so in and of itself is reason enough to think there might be some trouble.
We will have to be very cautious about that though because the Australian dollar is highly levered to China, which seems to have a lot of its own problems right now. Furthermore, we also have to worry about risk appetite in general, because the US dollar could pick up a bit of a bid if people start freaking out. I think more than anything else,
we will see a lot of choppy and sideways behavior, meaning that you should probably be looking more or less at a range-bound type of trade. In the next 24 hours, it does look like we are going to deal with a little bit of support that could cause his market to bounce, albeit ever so slightly. This is a market that continues to see a lot of crosscurrents, but you can probably say that about almost every currency pair at the moment. Pay attention to the 10-year yield in America, because if it starts to rise again, that could send the Aussie lower.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Analysis: Defends 21-DMA on a three-day downtrendAUD/USD is resuming the downtrend seen so far this week, following Tuesday’s brief reprieve, as bears cheer the downbeat Australian Wage Price Index.
Read more »
AUD/USD bulls step to push the curreny into the green ahead of key jobs dataAUD/USD has been pressured on Tuesday after weak global economic data, particularly in China, reignited global recession fears. The safe-haven US doll
Read more »
Gold Price Forecast: XAU/USD drops further to test 50 DMA amid notable USD demandGold Price is tumbling towards the $1,780 level in European trading, having struggled around $1,800 earlier in the Asian session. The risk-off market
Read more »
AUD/NZD bears eye a break of trendline supportAUD/NZD is flat on the day so far ahead of the release of the Monetary Policy Statement from the Reserve Bank of New Zealand today that is expected to
Read more »
USD/CHF Price Analysis: Advances firmly, reclaims 0.9500The USD/CHF climbs for the second straight day, widening the gap between the 200-day EMA and the exchange rate, courtesy of broad US dollar strength,
Read more »
USD/JPY Technical Analysis: New Attempts by BullsAfter sharp selling last week, the $USDJPY currency pair was pushed towards the 131.73 support level.
Read more »