AUD/USD Forecast: Continuing to See Sellers
The Australian dollar has rallied a bit during the trading session on Thursday, as we continue to see the market try to test the 0.68 handle. This is an area that was massive support previously so it makes quite a bit of sense that it is going to be massive resistance right now. That being the case, we have seen this market bounce back and forth between the 0.67 and 0.68 levels, and at this point I think it’s only a matter time before we break down as we have cleared major support.
In the meantime, we are getting used to the idea of being below the 0.68 handle, and at this point I think it is only a matter of time before we accept lower pricing, mainly because of the US/China trade situation. After all, the trade wars are heating up and not cooling off, so I think that will continue to ...