AUD/USD Forecast – Australian Dollar Rallies Again

AUD/USD Forecast Video for 27.11.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied again during the trading session on Friday, as we continue to threaten the 0.66 level. The 0.66 level is an area that a lot of people will be paying close attention to, as it has been significant support in the past. If we can break above there, then it would obviously be a very bullish turn of events. That being said, it’s probably worth noting that the market will move on risk appetite, and of course the markets will continue to see the Australian dollar as a way to play the idea of loose monetary policy. That being said, the 200-Day EMA will more likely than not continue to offer significant resistance.

Underneath, the 0.65 level will be an area of importance, as it should be supported at this point. It was previous resistance, so I think it all comes into play as the potential consolidation area between the 0.65 level and the 0.66 level will be a major factor. If we can break out of this area, it could kick off a much bigger move, but at this point I think we got a situation where it’s probably only a matter of time before we need to get involved.

In the short term, unless you are a very short-term trader, there’s probably not much in the way of need to put a lot of money to work. Short-term traders will probably use small positions in a back-and-forth region and take advantage of what the markets are offering them. However, once we do break out of this area, it’s very likely that we see a 200 point move in one direction or the other.

Pay attention to the interest rates in the United States, because if they start to pick up, that could weigh upon this pair, and of course the exact opposite could be the case as well. In general, this is a scenario that is trying to sort itself out, and therefore you need to be cautious but eventually we will get some type of stability that we can take advantage of.

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