AUD/USD Price Forecast – Australian Dollar Has Wild Ride
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has had a wild ride during the trading session on Thursday, as we continue to see a lot of noisy behavior. That being said, I think this is a market that is going to be very noisy going forward, as we have broken a major support level. Ultimately, I do think that it is probably only a matter of time before we see this market plunge even further, but that does not mean that it’s going to happen in a straight line.
Rallies at this point in time will have to deal with the 0.67 level, an area that previously had been significant support. “Market memory” then becomes a major issue, as is typically the case. Ultimately, I think this is a market that will find its self looking very exhausted occasionally, but given enough time I do think that the breach of the 0.67 level will be looked at as a potential turn of events for a bigger move.
Interest rates in the United States continue to climb, and the Federal Reserve seemingly is perfectly okay with this. Because of this, I think it’s probably only a matter of time before we see this market continue to the downside, as there is far too much in the way of negativity out there to think that people were going to be taking advantage of risky assets such as the Aussie dollar.
The US dollar remains the favorite currency in the world, and I just don’t see how that changes anytime soon. With this, I’m fading short-term rallies and of course shorting breakdowns at this point.
AUD/USD Price Forecast Video for 23.09.22
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