AUD/USD Price Forecast – Australian Dollar Rallied Slightly Into The Weekend

The Australian dollar has initially dropped during the trading session on Friday, only to turn around and spike to the upside. Looking at the market, you can see that the Australian dollar has continued to be noisy, but as it is oversold it is very likely that the market will continue to cause a lot of headaches. That being said though, we should pay attention to the fact that the US dollar is on its back foot against multiple currencies, so the Australian dollar may have some catching up to do.

AUD/USD Video 09.03.20

The Euro has exploded to the upside and that will put a lot of downward pressure on the value of the greenback anyway, so one could make an argument that this pair needs to play “catch up” with the greenback going forward, and therefore we could very well drive towards the 0.67 level. The 0.6775 level above continues offer resistance as well, so if we can clear that area it’s very likely that we go looking towards much higher levels. The Euro has changed trends against the US dollar overall, and it looks very likely that the rest of the world will follow given enough time. This will be especially true if we get some type of good news coming out of Asia, which is starting to show a slowing of the infection rate of coronavirus. If we can turn the corner on that one, that might be enough to push the Australian dollar higher. In the short term, the 0.65 level is likely to offer a bit of support.