AUD/USD Forecast – Aussie Continues to Attempt a Move Higher

Christopher Lewis
Published: Apr 25, 2024, 13:07 GMT+00:00

The Aussie continues to see attempts to rally, as the market has possibly been overstretched to the downside. The market now look as if it is going to be running into a bit of trouble.

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Australian Dollar vs US Dollar Technical Analysis

The Aussie dollar rallied rather significantly during the early hours on Thursday, but we are starting to see a little bit of a push back at this point as the 50 day EMA comes into the picture to offer a little bit of resistance. All things being equal, I think this is a situation where the Aussie is just heading to the middle of consolidation overall, and as a result, I’m not overly excited.

One way or the other, the 50 day EMA and the 200 day EMA are both indicators that could offer a bit of resistance. That being said, if we do rollover from here, then it’s very likely that we go looking toward the 0.6450 level. The 0.6450 level is an area that’s previously been important, so it does make a bit of a target.

On the upside, if we were to break above the 200 day EMA, then it opens up the possibility of moving to the 0.6650 level. Expect a lot of noisy volatility, which is nothing new for these markets recently. So I think at this point in time, you have to look at this as a potential selling opportunity. And it certainly looks as if it is starting to roll over again.

But I would also say that if we break above the 200 day EMA, it would smash through this weakness. And that of course would be a very bullish sign. But in the short term, I think this is a market that just continues to be very choppy with a little bit of an easier path lower, I think more than anything else.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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