AUD/USD Price Forecast – The Australian Dollar Attempts to Come Back

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has recovered a bit during the Tuesday trading session, after slicing through the crucial 0.6750 level. Now that we have turned around, the reality is that we are trying to recover in what has been a very bearish market. Ultimately, if we can rally a bit, the first signs of exhaustion will probably get sold into. The 0.6850 level is an area where we have seen a lot of action in the past, so I would assume that it should end up being resistance if we get to it.

Breaking above that obviously would be a very good sign, but I think there are a lot of potential troubles if we do break above there. At that point, we still have to worry about the 0.70 level, which is an area that has been quite important for some time. The 50 Day EMA sits there as well, so it does suggest that it could cause some issues.

Keep in mind that the Australian dollar is highly sensitive to commodity markets as well, so it’s worth noting that perhaps you need to keep an eye on other markets such as copper, iron, and gold. The Chinese economy seems like it is going to continue to struggle as the CCP locks everybody down as quickly as they can, and that is going to have an effect on the Chinese economy before it’s all said and done. Because of this, I anticipate that we will eventually see it work its negativity into the Australian economy, as expressed by this currency pair. The Federal Reserve continues to tighten, which also works against the currency.

AUD/USD Price Forecast Video 13.07.22

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