The Australian dollar has initially tried to rally but then broke down significantly to reach towards the 0.6850 level. At this point, this is a market that continues to grind lower, reaching down towards the lows again based upon any negative headlines that come out. Recently, we have seen that the US and China are starting to talk about tariffs being rolled back, so that was positive, but we are already starting to see a bit of back-and-forth as to what the reality is going to be. Because of this, the market gave back the gains that it had made. That being said though, this is a market that continues to be very choppy as it looks very much like the EUR/USD pair.
AUD/USD Video 11.11.19
All things being equal, the market could reach down towards the 0.67 level underneath, but if we were to turn around a break above the 0.70 level, that could open up the door to the 0.71 level after that. Were in a downtrend though, so it’s probably easier to simply sell if you are looking to hold a position. That being said though, the easy money has already been made when it comes to the Aussie dollar. Quite frankly, the best long-term trade will be to the upside when it happens. However, short-term selling should continue to be a real possibility for those looking to make profits. All things being equal, this pair is all about the US/China trade war right now with good headlines moving this market higher, and bad headlines sinking it.
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This article was originally posted on FX Empire
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