The fight over the next week or so could determine where the Aussie dollar goes longer-term. AUDUSD $AUDUSD forex forexmarket
, then it’s likely that we could look to the 0.73 level. The 0.73 level being broken to the upside could be a bit of a trend change, but right now I think that we have a battle setting up in the bond market that is going to continue to cause a lot of volatility.
Bond markets continue to set up the next trade, and right now it’s worth noting that interest rates have dropped, but if they turn around and rally in the United States, that will send this pair lower.falling could send this market much higher, perhaps ready to head into a bullish move. That being said, the market is likely to continue to see a lot of volatility regardless, and if we did break above there, it could send the Aussie dollar looking to the 0.78 level.
Another thing to worry about at this point is going to be the bank runs that we see in China, and therefore any damage to the mainland Chinese economy. If that economy starts to fail, it will have a huge influence on the Australian dollar and could send this currency much lower.
In other words, although the Australian dollar is probably the strongest currency right now against the US dollar, it’s not necessarily something that I am willing to jump in right away.
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