AUD/USD Price Forecast – Australian Dollar Choppy At Crucial Level

The Australian dollar went back and forth during the trading session on Wednesday as we continue to see a lot of chop when it comes to risk appetite. That being said, the Australian dollar is still trying to break out to the upside and change the overall trend, as we are sitting right at the 50 day EMA again and still have essentially made a “higher low”, at least at this point. If we can recapture the 200 day EMA above at the 0.69 handle, it’s very likely that the Australian dollar will go back towards the highs.

AUD/USD Video 09.01.20

The downtrend line that previously had been keeping the market bearish is below as well, and that should offer support based upon market memory. Ultimately, this is a market that should continue to go much higher, but it should be noted that the Australian dollar is highly sensitive to the US/China trade situation and of course global risk appetite in general. That being said, it looks as if the market hasn’t lost its mind when it comes to the US/Iran situation, so it’s very likely that we will see a push to the upside given enough time. If we can break above the top of the range for the day and the 200 day EMA, that should bring in more money. The question now is whether or not we are going to confirm the breakout of the trend line, and the next couple of days should give us that answer. All things being equal, this is a market that should find buyers, but you need to see momentum enter the market again.

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