AUD/USD Price Forecast March 16, 2018, Technical Analysis

The Australian dollar has fallen a bit during the trading session on Thursday, as the stock markets and gold markets continue to be very noisy. There are a lot of geopolitical concerns right now, and quite frankly a lot of the economic numbers haven’t been stellar either. Because of this, I think that the Aussie is going to eventually find buyers, but it is going to be rather difficult to hang on the gains. I think that short-term moves will be the overall attitude of the market, so I would look to short-term charts to place trades in this market. I think that the 0.78 level should be supportive, so given enough time I think the buyers will come back in. However, I think it’s good to be difficult to break above the 0.79 level, and most certainly the 0.80 level above.

I think that if we were to break down below the 0.78 level, that could be rather negative, but I think that it’s probably going to be difficult to break down there as well. I think in general, this market will continue to be very noisy and very choppy. However, longer-term I have more of an upward bias, but it does seem as if some of the risk appetite is struggling around the world, so this could change rather rapidly. I believe that the Australian dollar is on the precipice of making a bigger move, but we need more clarity. It’s probably going to happen a few weeks down the road, so for the short term I believe it’s a lot of choppy back and forth between the 0.78 level and the 0.79 level.