AUD/USD Price Forecast – Australian Dollar Bounces Again

The Australian dollar has initially pulled back during the trading session on Friday but found the 50 day EMA to be supportive enough to keep the market afloat yet again. This being the case, the market is likely to continue going higher, perhaps reaching towards the 0.79 level. That is an area that has offered resistance recently, but at the end of the day this is a market that looks like it is going to continue to go to the upside, perhaps reaching towards the 0.80 level. The 0.80 level is an area that is massive resistance on monthly charts, so I would be paying close attention that area if we can continue to go higher.

AUD/USD Video 24.05.21

Underneath, the 0.76 level is massive support that extends all the way down to the 0.75 level, which is a massive floor in the market on the longer-term charts as well. Ultimately, if we break down below there then I think the Aussie will lose 500 pips. Having said that, it does not look like we are ready to break down anytime soon, so I am not even thinking about that currently. This looks to continue to be a “buy on the dips” type of short-term traders environment, as we grind away to the upside.

I believe that most of this summer will probably see this pair grind back and forth in about a 200 point range, so therefore if you are a range bound trader this is probably your favorite market right now. If you are looking for bigger returns, you may have to continue to look in other places as the Aussie looks stuck.

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