AUD/USD Price Forecast – Australian dollar falls to test major trendline

The Australian dollar has formed a significant amount of support near the 0.75 level underneath, and on the weekly chart we have formed several hammers in a row. That makes an obvious support level, and I think that the market could continue to go higher, perhaps reaching towards the 0.76 level. The market should continue to break above the 0.76 level given enough time, and I think that once we do it’s likely that the market will continue to reach towards the 0.77 handle, perhaps even higher than that.

The 0.75 level underneath should be massive support, and I think it should continue to be very important when it comes to the longer-term charts, and I think that the Gold markets could also have an effect as usual. But if we were to break down below the 0.75 level, that could be very negative and send the Australian dollar into a bit of a tailspin. Overall, I think that there is value to be had here if you are patient enough, and you allow the market to prove itself. It may take some time to do so, but once it does it could be a nice longer-term move. Breaking down to a fresh, new low could send this market as low as 0.7250, but at this point we are quite to that point yet. It’s not can be easy, but I think that we could be looking at an opportunity if you wait.