AUD/USD Price Forecast – Australian Dollar Reaching Towards 200 Day EMA

The Australian dollar initially tried to rally during the session on Thursday but gave back the gains to slice through the 0.76 handle. It is at this point that we are rapidly approaching the 200 day EMA, and perhaps more importantly, the 0.75 handle. I anticipate that the next day or two should determine the date of the Aussie dollar a significant turn of events, and now the question is whether or not there is support area can hold. I anticipate that things are going to be very dicey over the next couple of days but recapturing the 0.76 handle on a daily close would be relatively bullish.

AUD/USD Video 18.06.21

One thing that is worth noting is that the Australian dollar has not acted quite right for several weeks now, so this may have been a currency that was vulnerable to begin with. If we do break down, it is likely that we could go looking towards the 0.70 level, which of course would be very negative. All things been equal, I think the next couple of days are going to be crucial for Forex markets in general, so you are probably better off sitting back and letting the market decide what it wants to do before putting a ton of money to work.

That being said, this is a market that certainly looks as if it is on the precipice of something rather big. It is almost as if it just needs a gentle nudge to get moving lower. One would think that if we turn around and recover, it is probably going to be more of a grind.

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