Today we will take a look at the AUD / USD currency pair. The situation for this currency pair remains confusing, as quotes are stuck in the tight range of 0.6915–0.7005 with occasional breakouts. I will point out that the upper limit of the range is the maximum price of the current year, and the lower range is the solid support level formed in 2019. As a result, a breakthrough of the 0.6915 support level will significantly increase the risk of a deeper correctional decline.
The main scenario takes into account the breakthrough of support at 0.9615, and then the psychological support level of 0.6900, paving the way to 0.6750 and further on to 0.6675. Until the breakout of the support level of 0.6915, the pair is in a phase of uncertainty.
The alternative scenario takes into account the return of the currency pair above 0.7005, which indicates a lack of selling interest and possible further growth to 0.7190.
The AUD is under pressure from Australia's conflict with China. Let me remind you that Australia’s relations with China, its main trading partner has deteriorated due to cooperation with the United States, which itself, is in a trade and technological conflict with China. Against this background, there is a risk of further selling of the AUD and, as a result, the AUD / USD currency pair.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.
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