AUD/USD Price Forecast – Australian Dollar Continues in Back-and-Forth Manner

The Australian dollar has rallied just a bit during the trading session on Monday to show signs of life. At this point time, the market still looks as if it is ready to go back and forth more than anything else, as it does tend to be very choppy. The market participants continue to look at the Australian dollar through the prism of risk appetite, and as long as risk appetite is all over the place, it is a bit difficult to think that the Australian dollar has the ability to rally for a bigger move. Ultimately, I do believe that we continue to look at this through the prism of whether or not risk is going to continue to climb in places like Asia, or if it is going to struggle. As long as we continue to see a lot of concerns coming out of the part of the world, I think we will continue to see the Aussie struggle.

AUD/USD Video 23.11.21

Furthermore, the US dollar has shown itself to be strong against most currencies, so it is impossible to imagine that the Aussie would get away from there. The candlestick on Friday was pretty negative, so that does suggest that we could have a little bit of follow-through. If we break down below the bottom of the candlestick for the Friday session, that would show a bit of a continuation to the downside. As far as buying is concerned, it is not until we break above the 50 day EMA that I am looking in that direction.

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