AUD/USD Forecast – Aussie Continues to Put Traders to Sleep

Christopher Lewis
Published: May 30, 2024, 12:26 GMT+00:00

The Aussie continues to see a lot of back and forth, and I think that might end up being the case for a while as we have no real conviction in the markets at the moment. This seems to be a reoccurring factor in most of the major pairs right now.

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Australian Dollar vs US Dollar Technical Analysis

We initially fell during the trading session only to turn right back around yet again. This is a market that is obviously consolidating and trying to sort out where it’s going to go next, but I think ultimately this is a situation where the market probably needs to pay close attention to the 0.6650 level as it’s a bit of magnet of price action. So, with that being the case, if we do rally from here, then the 0.67 level could be the target.

That’s where we found sellers in the past and quite frankly, this is a pair that just doesn’t look like it has anywhere to be. In fact, it’s starting to look a lot like we are getting into a summer lull as traders just simply step away from the market. If we were to break down from here, the 0.66 level offers support and then underneath there we have the 200 day EMA, both of which could be important. If we were to break through all of that, then it opens up a move down to the 0.64550 level.

In general, this is a market that I think continues to be very noisy and choppy, so you are going to have to focus on short-term charts. You’re probably not going to get a big move here anytime soon, but you can make an argument that Friday’s PCE numbers could throw a little bit of a jolt into the market.

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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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