AUD/USD Price Forecast – The Australian Dollar Continues to Struggle With a Major EMA

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the trading session on Friday as we are hanging around the 200 Day EMA. The 200 Day EMA is going to attract a lot of attention, so it’s not a huge surprise that we have seen the Aussie stall. Furthermore, you could make an argument that the Aussie has been overbought for a bit, so this certainly makes quite a bit of sense as well.

If we break down below the candlestick on Friday, it’s possible you could see this market down to the 0.70 level underneath. Breaking below there would be even more bearish. On the other hand, if the market were to turn around and close above the 200 Day EMA, then you can see this market go to the 0.7215 level.

Pay close attention to interest rates in America because that is by far the biggest driver of what’s going on with the greenback right now. Furthermore, you need to pay close attention to the commodities markets, because that can also have a major influence on the Aussie itself. Ultimately, I think this market that will continue to be very noisy, so make sure that you keep your position size reasonable.

It certainly does look stronger against the US dollar than most other currencies, most specifically the European ones. Because of this, I may pass on trading the Aussie, simply because it goes against the overall attitude of the market, but I’m not comfortable going short on the greenback. Because of this, I’m going to probably pass on this set up currently.

AUD/USD Price Forecast Video for 15.08.22

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