FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
AUD/USD

The Australian dollar has fallen a bit during the trading session but continues to see support near the 50 day EMA. As a result, it looks as if we are going to continue the overall sideways action that we have seen over the last couple of days, and that we are not quite ready to break down. In that scenario, it is very likely that we will continue to see noisy behavior that we can get involved in. Because of this, I believe that the market is probably still going to try to build up enough momentum to take out the 0.78 handle, but we are clearly nowhere near being able to do that right now.

AUD/USD Video 05.05.21

The 0.76 level could be a target if we do in fact break down below the 50 day EMA on a daily close, but at this point in time I have to assume that we will see more of the same as we head towards the jobs number on Friday. With that being the case, we may have a couple more days of sideways nowhere action, as we try to figure out where to go next. That being said, if we were to turn around a break above the 0.78 handle, then I think the market is likely to go much higher, perhaps reaching towards the 0.80 level. With the commodities markets going wild, one would think that we would have already done that. We have not though, so that does make me a bit suspicious of the Aussie in general.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker