AUD/USD Price Forecast – Australian Dollar Chopping Around At Resistance

The Australian dollar went back and forth during the trading session on Friday, showing signs of indecision as we are at the top of the overall consolidation area. At this point, the market looks likely to continue to find a bit of trouble in this area due to the fact that we not only have the top of the consolidation area, but we also have the 61.8% Fibonacci retracement level coming into play, and then the 200 day EMA just above there. With all of that, the market is very likely to continue seeing a lot of downward pressure in the area.

AUD/USD Video 04.11.19

While we did make a significant move above the 0.69 level during the day on Thursday, we did not keep those gains and that suggests that the market just isn’t quite ready to go higher. What initially looked very promising seems to have fizzled out, so paying attention to the next impulsive candle is going to be crucial. If we can break significantly below the lows of Friday, then the market will probably reenter that consolidation and go looking towards a 50 day EMA again. However, if the market was the blow past the top of Thursday and even better yet, the 200 day EMA, that would be extraordinarily strong it’s in this market looking towards the 100% Fibonacci retracement level which is much closer to the 0.71 handle.

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