The Australian dollar try to rally initially on Thursday but turned around. By doing so, we have formed a shooting star at the 0.76 level, and it looks like we are ready to roll over and perhaps go looking towards the 0.75 level underneath. This would be simple consolidation, and it makes sense as the world awaits the results of the tariffs to be in place, whether we are going to see some type of trade war.
Dailyforex states that the 0.75 level underneath of course is supportive, but it’s essentially the fulcrum for the price as far as I can tell. In other words, we could very well drop to the 0.7450 level without much fanfare. If we break higher and above the 0.76 level, that would be a bullish sign but at this point I think it’s only a matter time before the sellers get involved on those attempts.
Last modified on Sunday, 24 June 2018
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