- The Australian dollar rallied a bit during the trading session on Thursday as we continue to see a lot of negativity out there.
- It’s worth noting that the market reach the 50 Day EMA before giving up gains, so it’s not a huge surprise to see that the market is now probing the lows again.
- The 0.69 level underneath it is a large, round, psychologically significant figure, and an area where we have seen support multiple times in the past.
AUD/USD Prediction Today
If the AUD/USD currency pair breaks down below the 0.69 level, it’s possible that the market could go down to the 0.67 level of 0.67 level has been a major support level, and an area where we had bounced from previously. It’s also an area that’s been important multiple times in the past, so it has a lot of historical precedents to it as well. If we were to turn around and break higher, I see a time of areas where you could see potential selling pressure.