AUD/USD Price Forecast – Australian Dollar Continues Choppy Behavior

The Australian dollar has initially tried to rally during the trading session on Thursday but has shown itself to be vulnerable to higher yields in America. That being said, it still looks as if we are trying to go to the upside, but this has been a very noisy couple of days, and I think more of the sideways action will continue to be the norm. The 50 day EMA is offering support underneath the last several sessions, and as a result I think that is an area that could cause more buying pressure, just as the uptrend line underneath continues offer support as well. All things being equal, this is a market that has plenty of support underneath, especially as the jobs number came out stronger than anticipated.

AUD/USD Video 19.03.21

The 0.80 level above is a major resistance barrier that is going to be difficult to take out, especially considering that it is 100 pips thick. If we can break above there, then the market is likely to continue to go much higher, perhaps to the 0.88 handle. This is of course based upon the monthly charts, which obviously carry a significant amount of weight. However, it should be noted that the shooting star in February is something that a lot of people will be paying attention to, although it is also worth noting that most of the selling pressure in February was over two short days in response to a spike in US yields again. In other words, I do not know if it was a true move, or if it was simply a “knee-jerk reaction.” As things stand right now this still looks like a market that is trying to go higher.

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