AUD/USD Price Forecast – Australian Dollar Gives Up Early Gains

The Australian dollar has gone back and forth during the course of the trading session on Thursday, as we continue to see a lot of noisy behavior. Nonetheless, this is a market that looks as if it is going to go lower over the longer term, and it appears that the market will continue to see plenty of sellers every time we bounce from here, especially as the interest rates in the United States continue to climb. The market will continue to see plenty of noisy behavior, and at this point in time I am simply looking for short-term rallies that show signs of exhaustion that I can take advantage of.

AUD/USD Video 19.11.21

To the downside, if the market were to break down below the lows of the trading session on Thursday, then I think we go looking towards the previous uptrend line. However, the market rallying sees quite a bit of resistance at the 50 day EMA, which is starting to curl lower. The 0.74 level is roughly where that sits, and therefore I think it shows the current “top of the market”, at least as long as the economic picture remains the same. With that being the case, I think it is only a matter of time before we are sellers yet again, and perhaps even try to break down even further. However, if we were to break above the 200 day EMA, then it is likely that we could go looking towards the 0.75 handle, which extends to the 0.76 level. Breaking above that then sends this market into a “buy-and-hold” type of attitude.

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