AUD/USD Price Forecast – Australian Dollar Continues to See Volatility

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the trading session on Tuesday as we continue to see a lot of volatility around the world. Keep in mind that the Australian dollar is of course a very commodity driven currency, therefore it’s interesting to see how we continue to see those markets behave. The Australian dollar is also very sensitive to Asia, so you have to pay close attention to that region as well. Ultimately, this is a market that I think will continue to look at the 0.64 level above as a potential resistance barrier, as it had previously been supported.

If we were to break above the 0.64 level, then the next major barriers to 0.65 level, which is also backed up by the 50-Day EMA. Ultimately, I think this is a situation that you’re looking for opportunities to fade signs of exhaustion, but at this point I think we are going to continue to see a lot of choppy and negative behavior. The market underneath at the 0.62 level sees a lot of support, so if we were to break down below that level then it’s likely that we could go down to the 0.60 level.

The market has been in a downtrend for quite some time, and therefore it’s likely that the trend continues. At this point, this looks simply as an opportunity to wait for “cheap US dollars” to come back into the picture. Ultimately, I think the US dollar has a long way to go as far as its overall bullish pressure, but we are at extremely low levels currently, so a bit of bouncing in the short term makes sense.

AUD/USD Price Forecast Video for 25.10.22

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