AUD/USD Forecast Today 24/03: Remains In Range (Video)

(MENAFN- Daily Forex)

• The Australian dollar has fallen a bit during the trading session yet again on Friday, as we continue to see a lot of noise in the market.
• And I think ultimately the market is still very much stuck in a range between the 0.62 level on the bottom and the 0.64 level on the top.

With that being the case, I think you have to look at this through the prism of a market that is very stuck. I think, oddly enough, this looks a lot like the Nasdaq 100 as far as structure. And I think a lot of this just comes down to the overall risk appetite. Remember, Australia is highly levered to China and risk appetite in general, not to mention the commodities markets.

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So, I think you have to think it's probably only a matter of time before we see some type of global growth before the Aussie really takes off. That being said, the Federal Reserve is likely to cut rates sometime later this year, and that is part of what's going on. But ultimately, I think this is a market that is still very sideways, trying to form a base, trying to figure out what to do.

It doesn't have any really clear direction at the moment, and I think we are stuck in this range. If we do break out of this range, in theory, it means that we'll have a 200 pip move. But I also recognize that this is a market that is going to continue to be very erratic and move on a lot of other things, not just Australia.

EURUSD Chart by TradingView

What I mean by that is that it is going to move on things like growth expectations in China, global trade wars, and global economic strength and stability. Right now, it looks very much like there are a lot of concerns out there, so it makes perfect sense that the Aussie continues to grind back and forth.

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