AUD/USD Forecast Today 02/01: Breaks Below Support (Video)

(MENAFN- Daily Forex)

• The Aussie dollar broke down a bit during the trading session on Tuesday, breaking below the 0.62 level for the first time.
• This is an area that literally means that the Aussie dollar is hanging on by a thread.
• If it were to continue breaking down below here, we'll have to see after New Year's Day what happens.

This opens up the door to a move to the 0.60 level. The US dollar is the strongest currency out there against pretty much everything. The Australian dollar is going to suffer at the hands of Chinese weakness. In fact, if you take a look at the Chinese 10 year yield, it's just plummeting. What that says is people in China are worried about the economy. So ultimately, I do believe this is a market that if we do get a bounce, that just offers you another chance to step on it. The 0.635 zero level is a major barrier above and breaking above there could change a lot of things, but right now I just don't see that happening. The 0.60 level is a large round psychologically significant figure.

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So, I do think that could come into the picture to offer a bit of support. If for no other reason than just the round figure of it. And the fact that people will look at this through the prism of the idea of whether or not there would be options involved. So really, at this point in time, I think there's no way you can buy the AUD/USD , it's just too weak. And if you want to buy the Aussie dollar, you want to buy it against a different currency, not the US dollar, which is like a wrecking ball for most things at the moment.

EURUSD Chart by TradingView

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