AUD/USD Price Forecast – Australian Dollar Continues To Chop Back And Forth

The Australian dollar has done very little during the trading session on Thursday, as we continue to chop back and forth. Ultimately, this is a market that seems to be willing to dance around the 50 day EMA and wait for some type of catalyst.
Christopher Lewis
AUD/USD daily chart, November 22, 2019

The Australian dollar has gone back and forth during the trading session on Thursday, as we have nowhere to be at this point. Ultimately, this is a market that is waiting for some type of catalyst to get moving and that something that I can say about a lot of different markets right now. That being the case, the US/China trade headlines will probably be what moves this market as Australia is so highly sensitive to China and of course the Chinese economy. With that US/China trade war going on, it makes sense that there is a lot of uncertainty out there, therefore it’s difficult to imagine the market making a significant move without a significant headline.

AUD/USD Video 22.11.19

Looking at this chart, it does appear that we are trying to form a bit of a basing pattern, as we have made “higher highs” and of course “higher lows”, but changing the trend in the Forex pair takes quite some time. We are quite there yet, but we certainly are starting to show signs of doing so. However, we still need some type of reason to get moving, and right now we simply don’t have it. With that being the case it’s very unlikely that this market makes a move in the short term but pay attention for large candles, they could either drive this market higher and towards the 200 day EMA which is closer to the 0.69 level, or lower and down towards the 0.67 handle.

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