AUD/USD Price Forecast – Australian dollar soft during the Thursday session
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The Australian dollar has fallen during most of the Thursday session, but the Americans got involved and started buying near the 0.7350 level. This is an area that has been somewhat supportive in the past, so a bounce from here isn’t a huge surprise. I believe that the market will probably head back towards the 0.74 level in the short term, and possibly even end up the day in that area as jobs number days tend to be very volatile, but in the end quite often don’t settle much. With this in mind, it’s very likely that we continue to see a lot of noise, but ultimately I think that eventually we need to find some clarity.
The Australian dollar has been very noisy over the last several weeks, but I would also point out that there is a massive amount of support below, especially near the 0.73 level. Longer-term charts continue to show significant support in that area, an area that I think will end up being crucial for the longer-term move. If we were to break down below the 0.73 level, then I think we could drop significantly. However, I believe that at this point it’s less than likely, but of course the Australian dollar will be highly influenced by the trade situation between the Americans and Chinese.
AUD/USD Video 03.08.18
This article was originally posted on FX Empire