Yahoo Finance AUD/USD Price Forecast – Australian Dollar Continues to Soften
The Australian dollar has fallen for the fourth day in a row, and that is something that we have not seen in this market for quite some time. The question now is whether or not we can break down below the 0.70 level? While there was money to be made on the downside in this pair, the Australian dollar being shorted against the US dollar has been one of the more difficult trades because I see so many areas of potential support.
However, if we do close below the 0.70 level, especially in the weekly chart, then people will start to accelerate to the downside. I have been shorting the EUR/USD pair more than anything else, in a way to pick up the US dollar. However, if this pair rolls over completely, it is going to be a massive move lower just waiting to happen. This will be because the US dollar will suddenly see a frenzy of buying.
AUD/USD Video 25.09.20
It is because of this that I am basing my analysis more on the weekly chart that I have been watching this pair more than anything else but I do think that by the end of the week we will have a nice longer-term signal in one direction or another. A bit of patience to go long way in this pair, because if we bounce from here you got at least 400 pips to the upside so either way you could have a pretty big move.
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This article was originally posted on FX Empire
