AUD/USD Forecast – Australian Dollar Stalls

AUD/USD Forecast Video for 09.11.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has done almost nothing during the trading session on Wednesday as we try to figure things out. All things being equal, the markets don’t seem to have anywhere to be during the session, and that includes not only the Aussie dollar but pretty much everything else. The 0.64 level is an area that has been important in the past, as it is essentially the “fair value” of the larger consolidation area. If we break down below the 0.64 level, then we could go much lower, perhaps reaching down to the 0.63 level. On the upside, if we were to turn around and break to the high of the consolidation area, we could be looking near the 0.65 region.

In general, this is a market that is going to continue to move on the idea of global trade and global risk appetite. The markets are a bit schizophrenic at the market in general as to what they are focusing on at any given day, as a new cycle seems to be about 15 minutes long. Because of this, the Aussie will continue to be very choppy and therefore it’s difficult to put on longer-term positions. However, if you keep an eye on these 3 prices mentioned in this article, you have a shot at making short-term trades in the right direction.

The Australian central bank did raise rates the other day, but nobody seems to care, because quite frankly this is an environment that is focusing on not only the Federal Reserve, but a lot of the nonsense going on militarily around the world, and of course whether or not the entirety of the world is going into recession. Chinese economic numbers have been miserable as of late, which has a direct effect on the Australian economy as well. At the end of the day, we probably won’t see much in the way of a change, and it’s not until we break out of this 200 point range that you can take any trade seriously for a longer-term move. That being said, if you are patient enough and pay attention to these levels, you can make short-term profits.

For a look at all of today’s economic events, check out our economic calendar.