AUD/USD Forecast Today 30/12: Eyes 0.62 Support (Video)

(MENAFN- Daily Forex)

• The Australian dollar has fallen pretty significantly again during the day considering nobody's trading and now we are sitting right at the 0.62 level.
• If we break down below here, things are going to get ugly for the Aussie rather quickly and this thing looks miserable.
• Any rally at this point in time, I believe would be a nice selling opportunity, but we would need to see a bounce and some type of exhaustion.

The Australian dollar appears to be on the verge of a significant decline at this point. The lack of volume might save it a bit because there just aren't that many people in the market trying to short it at the moment. So, I anticipate more sideways action but with a downward twist, but to be honest with you, I could have said that for the last two months.

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The US bond market continues to be on fire with its rates. The Chinese rates continue to drop drastically. Remember, it's not about Australia, it's about China. And as a result, I think you will continue to see more downside, but I would prefer to see a little bit of a bounce for a few days that I could fade into.

Previous support is now resistance

The 0.635 zero level is an area that previously had been support, so I suspect it should be resistance now, but really this sad little currency can't even get there to try it out. Australia is about to feel a lot of pain. I think if we break down below the 0.62 level, we could very well see the AUD/USD drop down to the 0.60 level, maybe even all the way down to 0.55..

EURUSD Chart by TradingView

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