AUD/USD Weekly Forecast – Aussie Continues to Hang About Range

Australian Dollar vs US Dollar Weekly Technical Analysis

The Aussie dollar has fallen a bit during the course of the trading week as we continue to see a lot of noise. Ultimately, the 0.65 level underneath could be an area of significant support, and longer-term traders are probably going to be paying close attention to it. As long as it can hold, there’s a good chance that the market can turn around and go looking to the 0.69 level.

Obviously, that’s going to take a lot of momentum and effort, but that could be the longer term target. If we break down below the 0.6450 level, then we could see a situation where market participants will see the Aussie go back down to the 0.63 level. We are literally at a point of inflection right now that we need to pay close attention to.

If we can take out the high of the previous weekly candlestick, then it’s likely that the Australian dollar can go looking to the 0.69 level where the 200-week EMA presently sits. Keep in mind that the Australian dollar is highly levered to risk appetite and, of course, global growth, so you’ll have to pay attention to both of those. Over the longer term, the Australian dollar is likely to be at a higher level, but it’s very possible we may end up in this range that makes up the larger area, but right now it certainly looks as if we continue to be very choppy and therefore a lot of patience will have to be exercised by those looking to swing trade longer term charts.

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