AUD/USD Price Forecast – Australian Dollar Recovers After Initial Selloff

The Australian dollar has initially fallen during the trading session on Wednesday but found enough support after the CPI numbers in America to turn things around and show signs of strength again. This does make a certain amount of sense because the Australian dollar is highly levered to commodities, which are all recovering at this point. At this point in time, it looks like the market is more than likely going to continue seeing a lot of noisy behavior, but it is also look like the Australian dollar is trying to recover in this environment.

AUD/USD Video 11.11.21

Underneath, the 0.73 level is an area that now offers a little bit of support, and if we can break above the 0.7450 level, the market could go much higher, perhaps trying to take out the recent highs. The Australian dollar course has languished a bit against the US dollar, so we could see a little bit of “catching up” in this marketplace.

All things being equal, this is a market continues to see a lot of noisy behavior, I think that is going to be the case going forward as we continue to argue back and forth between the idea of the economy slowing down around the world, and of course inflation picking up due to the reopening trade. It appears that Australia is being it looks as if we are ready to pick up the momentum to the upside. With this, this remains a “buy on the dips” type of situation.

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