AUD/USD Price Forecast – Australian Dollar Gets Hit

The Australian dollar has fallen a bit during the trading session on Tuesday to slice through the 50 day EMA yet again. That being said, the market is likely to test the lows underneath, the question at this point is whether or not we have already finished doing that? With Jerome Powell speaking over the next couple of days in front of Congress, there could be quite a bit of noise in the US dollar, which of course will be seen on this chart.

AUD/USD Video 24.03.21

The February candlestick for the Australian dollar ended up being a major shooting star, and that of course is a very negative sign. If we break down below the most recent low from a couple of weeks ago, then the market is likely to go much lower, perhaps down to the 0.72 level, maybe even the 0.70 level. That being said, we are very much in an uptrend and it does make quite a bit of sense that we would see buyers still in this marketplace, especially considering that the commodity markets have been on fire as of late. That being said, the 0.80 level above is a large, round, psychologically significant figure. It is also an area where we have seen a lot of reactions on the monthly charts, which is roughly 100 pips D. If we can break above all of that, then it becomes more of a “buy-and-hold” type of situation going forward. Until then, I anticipate that we will see a lot of noise in this general vicinity.

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