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.
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