AUD/USD Forecast – Aussie Continues to See Range Play Out

Australian Dollar vs US Dollar Technical Analysis

You can see the Aussie dollar has shown itself to be somewhat lackadaisical during the early hours on Thursday, but at this point in time the 0.65 level looks like it’s at least trying to offer a little bit of support if we Break down below there then 50 pips lower. We should see a certain amount of support also if we can turn around and break above the top of the candlestick, then it’s possible that we could go looking to the 50 day EMA. The market then breaking above there could continue to grind towards the 0.6650 level. But at this point in time, not overly concerned about it. I think we’re just going to go back and forth trying to sort out where we go longer term.

As things stand right now, I think you have a situation where you just have to be very cautious about getting over levered, but if you’re a short-term trader and use small positions, this might be a good market. Keep in mind Friday is Good Friday, so that is going to affect liquidity and your broker will probably close early. Nonetheless, we are essentially stuck in the same range that we have been for a while, and I think this might be the story for the next several months, so I’m not overly excited one way or the other although, I think a little bit of a bounce probably makes sense, but I wouldn’t think that there will be a whole lot in it. As long as you go into the trade understanding that it is only a short-term trade, then you should be fine. Bigger moves are unlikely.

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