AUD/USD Forecast June 23, 2017, Technical Analysis

The Australian dollar had a very choppy session on Thursday, as we continue to hover around the 0.7550 level. Ultimately, this is a market that favors volatility in the short term, and therefore I’m not overly interested in putting a lot of money to work. If we can break above the 0.7560 level, the market should continue to go higher, perhaps reaching towards the 0.76 level. There is a lot of support just below, so I think that the market will continue to find buyers given enough time, but I’m not willing to put money to work anytime soon, at least not until the gold markets turnaround drastically which could provide enough bullish pressure to turn this thing around.
On the other hand, there is another possibility
If we were to break down below the 0.75 level, I think that the market should continue to go much lower, perhaps down to the 0.73 level. Ultimately, the market will probably find buyers as it has been very choppy on the way down, and with this being the case, it’s likely that we are eventually trying to find buyers in a market that has been down rather significantly. The GDP in Australia was stronger than anticipated recently, and that should continue to weigh upon the minds of traders. With this, I am a buyer, but I need to see some type of impulsive candle to start taking advantage of bullish pressure. In the meantime, it’s probably best to wait for the market to tell you what time it is as far as buying is concerned.
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