AUD/USD Price Forecast – Australian Dollar Continues Same Consolidation

The Australian dollar has given up early gains to show signs of weakness during the day, reaching down towards the 0.7450 level. This is an area that has been important a couple of times now, so it should not be a huge surprise to see that the market is slowing down in this area. Ultimately, this is a market that will continue to bounce around in general, but it looks as if the overall attitude continues to see the Australian dollar be favored, and if we can break above the 0.76 level, it is likely that we could go much higher.

AUD/USD Video 03.11.21

If the market were to break down below the 200 day EMA and the 0.74 handle, then it is possible that we could see a much deeper correction, but at this point in time, it certainly looks as if the market will continue to see a lot of people out there trying to pick this market back up. I think we continue to see a little bit of choppiness over the next couple of days, because the Federal Reserve has a two-day meeting that could also come into the picture. Furthermore, Friday as the jobs number and that of course can have a major influence as well. All things been equal, this is a market that I think is trying to build up some type of bullish flag. The US dollar has been getting hit against multiple currencies, at this point it just comes down to timing.

For a look at all of today’s economic events, check out our economic calendar.