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AUD/USD Price Outlook: Australian Dollar Rips Above 0.7000

AUD/USD Price Outlook: Australian Dollar Rips Above 0.7000

2020-06-08 21:45:00
Rich Dvorak, Analyst
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AUSTRALIAN DOLLAR FORECAST: AUD/USD PRICE ACTION SURGES PAST 0.7000-MARK AS AUSSIE STRENGTH, US DOLLAR WEAKNESS PERSISTS

  • Australian Dollar strength continues against its USD peer but fizzles out against the Yen
  • AUD/USD price action has exploded nearly 250-pips over the last five trading sessions
  • Aussie shorts capitulate as spot AUD/USD rallies above the 0.7000-price and blows out stops

The pro-risk Australian Dollar continues its relentless rally against its safe-haven USD peer. Spot AUD/USD now trades above the 0.7000 price level and positive year-to-date as markets achieve their v-shaped recovery.

AUD/USD PRICE CHART: 1-HOUR TIME FRAME (03 JUN TO 08 JUN 2020)

AUDUSD Price Chart AUD USD Australian Dollar Outlook

The latest stretch of Australian Dollar strength accelerated throughout Monday’s trading session after spot AUD/USD price action spiked above last week’s high. As the Bollinger Band expands, perhaps if the Aussie can continue its climb and find follow-through in the upcoming APAC session, spot AUD/USD prices might rocket past technical resistance posed by the 31 December 2019 intraday swing high.

AUD/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 17% 2% 8%
Weekly 10% 2% 5%
What does it mean for price action?
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AUD/USD PRICE CHART: DAILY TIME FRAME (16 DEC 2019 TO 08 JUN 2020)

AUD USD Price Chart AUDUSD Australian Dollar Forecast

Nevertheless, this area poses a potential double-top pattern, which could stymie the Australian Dollar’s impressive ascent over the last several weeks. However, if major safe-haven currencies catch a bid if market sentiment sours, there is potential for the US Dollar to claw back recent downside and send spot AUD/USD price action pivoting back lower.

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Though the healthy bullish trend and upward-sloping 8-day exponential moving average look to provide a strong degree of buoyancy to the Australian Dollar against its USD peer. That said, the upcoming FOMC meeting scheduled for this Wednesday, 10 June at 18:00 GMT, presents considerable event risk and threatens to weigh heavily on the direction of AUD/USD.

Keep Reading – S&P 500 Surges as VIX ‘Fear-Gauge’ Implodes Post-Jobs Report

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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