AUD/USD Price Forecast – Australian Dollar Continues to Find Pressure From Above
The Australian dollar has rallied a bit during the course of the trading session on Wednesday to reach towards the 0.73 level. However, we continue to struggle to hang on to gains, and therefore I think we will continue to see the Australian dollar failed just a bit. All things been equal, there are still lot of concern when it comes to Evergrande, despite the fact that local bondholders have already been told they will be getting an interest payment. As far as offshore holders, it still remains unknown.
AUD/USD Video 23.09.21
The market has been selling off for quite some time, so I think that any rally at this point in time it has to be looked at with suspicion. The Australian dollar continues to be influenced by the Chinese economy, and therefore I think that the Aussie dollar will continue to see a lot of questions asked about it. At this point, it looks as if we are going to try to continue dropping towards the 0.71 handle.
The 50 day EMA is starting to slope lower, and it looks as if it is going to race towards the bottom. With that being the case, I think it is only a matter of time before we would see sellers come in based upon the longer-term moves to the downside. All things been equal, the market is likely to continue seeing a lot of noisy behavior, but at this point in time I think that we need to be careful about the fact that the market is slightly oversold. That being said, the market is likely to continue to go lower, but choppiness is the one thing that we need to be paying attention to.
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