AUD/USD Price Forecast – The Australian Dollar Continues To Pressure Resistance

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar initially fell during the trading session on Thursday but then turned around to rally again to clear the 0.72 level. Ultimately, this is an area where I think we see a lot of a lot of noise, and therefore I think it’s only a matter of time before you would see a lot of choppy behavior. The 50 Day EMA being broken to the upside, and now has to deal with the 200 Day EMA if we continue to go higher.

That being said, with the market being between those two EMA indicators, there will be a lot of noisy action regardless. Looking at the chart, it’s likely that we will see a lot of volatility. Furthermore, we have the jobs number coming out of the United States on Friday, so that will cause a significant amount of volatility as well.

At this point, I would anticipate a lot of back-and-forth, but if we can close above the 200 Day EMA, that might send the Australian dollar higher. The rally has been rather aggressive over the last several weeks, so it’ll be interesting to see whether or not we can keep up this type of momentum. The market obviously has a lot of crosscurrents going on right now, so with that being the case, it’s possible that we will see a lot of choppy behavior.

The Australian dollar is getting a bit of a boost from China’s reopening, as demand for commodities should go higher. However, there are a lot of concerns about the overall growth of the world’s economy, which could cause quite a bit of volatility in the commodity markets, and therefore in this currency.

AUD/USD Price Forecast Video 03.06.22

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