AUD/USD Forecast – Aussie Continues to Hang Around The Same Area

Australian Dollar vs US Dollar Technical Analysis

The Aussie dollar rallied rather significantly during the early hours on Wednesday. But at this point in time, the 0.65 level is an area that is offering short-term support. But we have broken through here before. So, I think it’s more or less a suggestion of a target. If we break down below here, the 0.6450 level is an area where we see a lot of buyers jumping in. On the other hand, if we turn around and rally from here, the 50-day EMA is a blocker right along with the 200-day EMA to a big move to the upside. The 0.66 level is the ceiling as far as I can see.

So, I think we stay in this range between 0.6450 and 0.66 above. In general, this is a situation where I think we go back and forth, and we just try to see whether or not we can get anything more than a short-term trade. In general, I think this market continues to move right along with risk appetite and risk appetite of course is all over the place right now, but the Australian dollar is a commodity currency and one that is highly influenced by Asia. So, you have to be cognizant of all of these things at the same time.

As things stand right now, I think there are a lot of questions as to where we’re going globally. So, it does make a certain amount of sense. We just bounce around in this area. I’m fairly neutral on this pair and I don’t really know what it’s going to take to change that attitude. If you’re a short-term scalper, it’s probably a great pair for you, but beyond that, you may find it difficult to trade for anything of any size or consequence. Because of this, I think you need to be very cautious with your positions, and make sure you stay very nimble when it comes to trading the Australian dollar.

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