AUD/USD Price Forecast – The Australian Dollar Continues to Show a Lot of Noise

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the course of the trading session on Friday as we continue to see a lot of volatility out there. Ultimately, this is a market that I think will continue to see noisy behavior, but there is a lot of downward pressure on this market regardless, due to the fact that commodities are struggling so much. When I look across my dashboard, copper, natural gas, gold, silver, and a few others have all fallen during the day. Remember, Australia’s highly levered to hard commodities.

The 0.6850 level is an area that has been important, as it had previously been supported, and now “market memory” could have this market looking to the area as resistant. Bidding rallies could work, but I don’t necessarily believe the area is like the “wall of death.” I think we could break above there and then fade from a higher level. The 50 Day EMA is sitting at the 0.70 area, which of course has a lot of interest based upon the fact that it is a large, round, psychologically significant figure. The market is almost certainly going to pay close attention to that area if we can even get that high.

It’s worth noting that we have seen a significant amount of support near the 0.6750 level, so if we were to break down below there, then we really could drop hard. I don’t necessarily believe that this is a situation where we will fall through the floor like it’s not even there, but it seems like we are trying to build up enough pressure to make the next big move.

AUD/USD Price Forecast Video 11.07.22

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