The Australian dollar continues to be very noisy as we see a lot of volatility in the currency markets overall. I believe that the market will continue to be difficult to navigate at times, but the most important thing to pay attention to in the Australian dollar is that we have formed so many hammers over the last several weeks. The weekly chart certainly looks as if there is a ton of support underneath, so I think it’s only a matter of time before the market turns around. However, we need some type of good news to put more of a “risk on” attitude into this market plays, something that could happen in the trade war concerns. That would be the ideal situation for the Aussie dollar, as it tends to mirror what’s going on in China.

I believe that the 0.74 level above is resistive, but only mildly so. We should be able to overtake that level and go looking towards 0.7425 eventually. On the downside, I see the 0.7350 level as massive support, especially in the longer-term charts and I think that it is more of a “zone” that extends down to the 0.73 level. Because of this, I look at short-term pullbacks as a nice buying opportunity to pick up value and will be patient and waiting for my buying opportunities. Quite frankly, I think that there are a lot of value hunters out there, so take your time, and get the Australian dollar “on the cheap.”

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