AUD/USD Price Forecast January 30, 2018, Technical Analysis

The Australian dollar has tried to break above the 0.81 level but has also failed recently. I think that the market will eventually go looking towards the upside, and if we make a fresh, new high, I suspect that this market will become more of a “buy-and-hold” scenario. I like buying dips anyway, but I also recognize that we are in a major fulcrum for price, which extends from 0.80 to the 0.81 level. Ultimately, the market should continue to be noisy, but if we get more anti-US dollar sentiment, we should continue to rally significantly.

Pay attention to the gold markets, they have an influence on the Australian dollar as you know, and it looks as if it is trying to go much higher. I think that eventually we will see that move, but it could be rather noisy over the next several sessions, with the 0.80 level looking very much like a support level that I think is going to be crucial. If we break down below there, I would step away and start to rethink the entire situation, but right now it looks likely that we will find plenty of reasons to go higher. If we do get the break out to the upside and the daily close above the 0.81 handle, I think at the next move we would be reaching towards the 0.85 handle after that. Expect noise, but ultimately, I believe the buyers will run stronger.

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