AUD/USD Forecast – Australian Dollar Continues to Consolidate

AUD/USD Forecast Video for 12-01-2024

Australian Dollar vs US Dollar Technical Analysis

As you can see, the Aussie dollar initially tried to rally during the trading session, but we really don’t have a whole lot going on here. It seems like we are going to continue to see back and forth. And with that being the case, we’re still just hanging around the 0.67 level. The 50 day EMA underneath should continue to offer support going forward, as it is an indicator that a lot of people will be paying attention to. With this, I think we will probably continue to stay in the same range that we had been in.

This is not a huge surprise since it’s an indicator that a lot of people pay attention to anyway. So, with that being said, I do like the idea of trading back and forth in a range bound system. I don’t think you necessarily look for this to be a scenario where you want to get too big or hang on to a big position for a swing trade, but I also recognize that you have to look at this through the prism of reality and right now reality is that we’re just essentially stuck. And as long as that’s going to be the case, really, there’s not a whole lot to do here other than trade short term, like I said.

If we do break above the 0.6750 level, then maybe, just maybe, we have the opportunity to go higher reaching the 0.69 level. Underneath, if we break down below the 200 day EMA, it opens up a move down to the 0.65 level, which of course is an area that is a large round number and an area that has caused some noise in the past. Over the longer term, I do think that we’ll have to make a bigger decision, but it doesn’t seem like we’re ready to do so quite yet, so there’s no point in fighting the market right now. It just has made up its mind to tread water.

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