AUD/USD Forecast July 4, 2017, Technical Analysis

The Australian dollar broke down during the day on Monday, reaching towards the 0.7650 level. Now that we have not found support underneath, the market looks likely to start picking up to the upside again, perhaps reaching towards the 0.77 level after that. I recognize the gold markets will have an influence on this market, but the gold markets have looked rather week during the session. If that’s the case, I think we go down to the 0.76 handle, and then the 0.7550 level. Longer-term, I still believe that the Australian dollar looks healthy, and of course we get an interest rate statement coming out of the RBA. Ultimately, this market will face volatility, and that being the case it’s likely that the dips will be value that people can take advantage of.
The Australian dollar continues to look healthy
I still believe that even with this pullback, the Aussie looks healthy, and I think that value hunters are going to come back into the market. The 0.77 level above is resistance, but given enough time I believe that the market is going to go looking towards the 0.7750 level over that, which has been longer-term resistance. A break above that level should then send this market to the 0.80 level after that. The markets continue to be volatile yet healthy, so I think that this is a situation where you can add small positions to the upside as we continue to see the market build up momentum so that we can finally get a real breakout to the upside.
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