AUD/USD Price Forecast – Australian Dollar Hangs on By a Thread

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the trading session on Friday as we have seen the jobs number come in as expected. Ultimately, this is a market that I think we continue to see a lot of bearish pressure, and now it looks as if we are going to see this market break down even further, as the US dollar is a bit like a wrecking ball against everything. With that being said, it’s very likely that we will continue to see noisy behavior, and of course, a market that favors the US dollar due to a tightening Federal Reserve.

The 0.65 level above continues to be a major barrier, so if we were to break above it, then we could make a run toward the 0.67 area, but quite frankly I just don’t see a reason why that would happen. Even if it does, I will become even more aggressive to the downside on a significant attempt to get above that level.

If we do break down below the recent loss, it’s likely that we are looking to the 0.63 level, possibly even down to the 0.60 level in some type of meltdown. After all, the Australian central bank has tightened less than originally thought, while the Federal Reserve is going in the other direction. Same game going forward as we’ve seen. I think you continue to fade rallies, so even if we do rally from here, I look at it as simply heading back into a consolidation area.

AUD/USD Price Forecast Video for 10.10.22

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