AUD/USD Price Forecast – Australian Dollar Slams Into 200 Day EMA After Jobs Disappointment

The Australian dollar has shown itself to be rather strong as we reached towards the 200 day EMA during the trading session on Friday. We now have the 0.75 level firmly in focus, but right now it continues to be a rather important level that a lot of people will be acknowledging. However, the 200 day EMA in and of itself has been important multiple times, and of course attract a lot of headlines.

AUD/USD Video 06.09.21

That being said, if we continue to see the Federal Reserve look likely to step away from interest-rate hikes, and that does seem to be the case due to the employment situation looking so bleak, it is very likely that the US dollar will continue to struggle a bit, but now we have to ask questions of whether or not the Australian dollar will pick up any momentum?

The GDP coming out of Australia with much better than anticipated recently, and it is worth noting that we did break out. That being said, little bit of a pullback would make a certain amount of sense, so look for the 0.74 level to be rather important in this market. As long as that is going to be the case, then I think we probably go looking towards the 0.75 level. However, if we were to turn around and break down below the 50 day EMA, then we could see a rather significant move lower. I suspect that the next several weeks are going to be extraordinarily volatile, as we argue between growth and coronavirus figures, not to mention the labor situation in the United States being so difficult.

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