The AUDUSD could be a good buy this week if it breaks above this level.
The Australian dollar had a positive week, but it is still very much in a downtrend. The market is just above the 0.70 level, but I think at this point you have to look at any short-term rally as a potential selling opportunity. The US dollar is by far the strongest currency out of all of the major ones, so I do think that eventually we will drop again. The 0.68 level looks to be supported, and if we were to break down below there, the market is likely to continue going much lower.
It is not until we break above the 0.72 level that I would be interested in trying to buy this market, which would take quite a bit of change in attitude.The British pound rallied quite significantly last week to test the crucial 1.25 level but has struggled a bit there. Nonetheless, I think given enough time, you will see signs of exhaustion that you can short, as the Bank of England has to deal with extraordinarily negative economic numbers, while the Federal Reserve is hell-bent on tightening.The euro rallied significantly last week to break above the crucial 1.05 level. However, as we approached the 1.06 level, there was enough resistance to turn the market back around.
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