AUD/USD Forecast July 12, 2017, Technical Analysis

The AUD/USD pair initially tried to rally during the day on Tuesday, but found the 0.7625 level to be resistive again. However, when I look at the chart overall, looks as if we are trying to form some type of rounding bottom that could bring in more buying. A break above the 0.7625 level is a bullish sign, and should send the market looking for the 0.7675 handle. Once that happens, I think that it needs to coincide with gold markets trying to rally, and we could get a geopolitical issue or perhaps some type of stock market meltdown to make that happen. However, until that happens, I think it a bit difficult to get bullish of the Australian dollar for any real length of time.
Choppy
This market continues to be choppy, and quite frankly I don’t know if that’s going to change anytime soon. Because of this, I have been on the sidelines for some time, but I am recognizing the fact that we are starting to form that rounding bottom, and that of course is a potentially bullish sign. As far as selling is concerned, I need to see gold breakdown below the $1200 level to feel comfortable at these low levels. I think this is a “wait-and-see” market currently, but I will of course keep you up-to-date here at FX Empire as to what I am doing when it comes to gold.
Eracash.com - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. Eracash.com bears no responsibility for any trading losses you might incur as a result of using any data within the Eracash.com