The trend is most certainly to the downside, and as long as we have problems with tariffs around the world, it’s possible that the pair will continue to struggle as the Australian dollar is so highly sensitive to trade between the United States and China. This is because Australia is a major provider of hard commodities to the Chinese, but at this point I think it’s obvious that there is a lot of concern around the world, and that should continue to favor the US dollar in general as people rush into treasuries.
AUD/USD Daily Forecast - 19 June
- Tuesday, Jun 19 2018
The Australian dollar continues to fall, breaking through the bottom of the hammer from the Friday session. Ultimately, the market looks as if it is ready to break through the 0.74 handle, perhaps unwinding down to the 0.7350 level which has been important in the past. Rallies at this point should continue to be resistive in nature, and therefore opportunities to sell yet again.