AUD/USD Price Forecast – Australian Dollar Continues Around 50 Day EMA

The Australian dollar initially pulled back during the trading session on Wednesday but has turned around to show signs of life again. By doing so, it shows that we may be looking to try to turn around and reach towards the highs again, but I also have to take the February candlestick into account, as we formed a massive star. That shooting star of course is a very negative candlestick. That does suggest that perhaps we could break down significantly from there. Having said that though, we have not broken down below the bottom of it which is closer to the 0.76 handle. If we were to turn around and break below that level, then it opens up a significant move to the downside.

AUD/USD Video 11.03.21

However, I would point out that the majority of the negativity for that candlestick was Justin a couple of days, so whether or not it has any real “staying power” is still up for debate. I do think that it will be very noisy, and it is going to be interesting to pay attention to what happens in the 10 year yield, because if the US dollar does get a boost due to that, that could get this thing moving to the downside. However, if the yields finally come back down, that might be reason enough to see this market move back towards the 0.80 level, which begins a 100 points of resistance. If the market finally breaks above the 0.81 handle, it opens up the door for a move all the way to the 0.88 level, possibly even the 0.90 level given enough time.

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