AUD/USD Price Forecast – Australian Dollar Bounces From Support

The Australian dollar went back and forth during the trading session on Tuesday, as we have reach down towards the 50 day EMA but then bounced a bit. Ultimately, this is a market that looks as if it is trying to catch its footing.
Christopher Lewis
AUD/USD daily chart, November 13, 2019

The Australian dollar has pulled back a bit during the trading session on Tuesday, only to show signs of life again as the 50 day EMA continues to offer support. Earlier in the day it looks as if we are trying to form a bit of a hammer, and therefore it’s likely that the market will continue to be attractive to those looking for a bit of value, and at this point it’s likely that the markets will continue to hang on every word of the US/China trade situation but it does seem as if that scenario is getting a little bit better in general. If that is in fact going to be the case, the Australian dollar should be one of the main beneficiaries of that positivity. At this point, markets are oversold from a historical standpoint, so as the 50 day EMA approaches pricing, it’s not a huge surprise to see that there might be some buyers willing to step in and try to take advantage of this.

AUD/USD Video 13.11.19

To the upside, there is the 200 day EMA which could cause some issues, and therefore paying attention to that is probably the best way to look for some type of trend change. If we get that level broken, then it’s very likely that we will go looking towards the 0.71 handle. On some type of positive news out of the US/China trade situation that the market can “think it’s teeth into”, it’s likely that this market will skyrocket. At this point, it looks as if the 0.67 level is offering a bit of a “double bottom.”

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US