AUD/USD Price Forecast – Australian Dollar Continues to Dive Deeper
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has fallen during the trading session on Friday as we continue to see a lot of “risk off” out there. Ultimately, this is a market that is going to continue to see a lot of noisy behavior, but every time we rally, I suspect that there will be a lot of sellers. The 0.67 level is an area that I think people will pay close attention to due to “market memory.” This is an area that previously had been a major support level. The 50-Day EMA is sitting near the 0.6850 level and dropping rapidly.
Keep in mind that the Federal Reserve is doing everything it can to reiterate the idea of tightening monetary policy, and with that being the case I think you’ve got a situation where the Aussie will continue to be a bit of a punching bag, and it is also worth noting that the Aussie has a high correlation to commodities and of course global growth on the whole. I believe at this point in time you’re looking at a situation where we are looking at a potential huge move lower. After all, the 0.65 level has been important, but the 0.67 level was major support on longer-term charts.
I have no scenario in which I am willing to buy this pair anytime soon, at least not until the Federal Reserve changes its overall attitude, something that is not going to happen anytime in the near term. Because of this, I think it’s a situation where you are looking for opportunities after any type of bounce. After all, you are looking for “cheap US dollars.”
AUD/USD Price Forecast Video for 26.09.22
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