- The Aussie dollar has shown itself to be pretty much nonsensical over the last couple of weeks as we are hanging around the 0.6650 level.
- This is a bit of a magnet for price and I think at this point in time we just can't get too far away from it.
- We did get some ugly economic numbers coming out of the United States during the day on Friday which had everybody excited for what seems like about two hours then we've turned right back around.
Ultimately, this is a market that has nowhere to be and therefore it's probably going to be relegated to very short-term trading. If we can break above the 0.67 level, then we could pick up a little bit of momentum just as breaking below the 0.66 level would send this market lower.
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It's going to take quite a bit of effort to make that happen because it just doesn't seem like we are that interested in moving. If you're a short-term scalper, this might be a good market for you, but beyond that, I don't have a whole lot to offer you for the Aussie. The commodity markets, of course, have an influence, but at the same time, we have a lot of global chaos going on and that tends to favor the US dollar. So, with all of that, I think we continue to just grind sideways.
Someday we might have momentum
Eventually we'll break out of this range and when we do it should become a bit more apparent as to what you should be doing but right now it's a market that I think doesn't really offer a whole lot of opportunity beyond the occasional scalp at best. At this point in time, the AUD/USD is probably one of my least favorite currency pairs to trade, but I get a ton of email about this market as people for some reason simply cannot let it go, as it is a market that just doesn’t have anywhere to be. Eventually it will, but right now it’s dead money.
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