AUD/USD Price Forecast – The Australian Dollar Pulls Back

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has fallen a bit against the US dollar on Thursday to reach the 0.7150 level. This is an area that has been supported over the last week or so, so it’s not you surprised to find the market sitting here. If we can break it down below it, it opens up the possibility of a move to the 0.70 level over the longer term. If CPI figures are hotter than anticipated, the market is likely to see the US dollar pick up quite a bit of strength.

On the upside, the 200 Day EMA sits at the 0.7250 level, so breaking above there would be a very bullish sign and could open up the Australian dollar to reach the 0.7450 level. That would obviously take quite a significant amount of momentum, and right now I think we are still trying to figure out whether or not we are looking at a nice bounce, or if it is the beginning of something bigger. We should know going into the weekend how the market feels. At this point, we are essentially sitting in this general vicinity as we work off the froth, so now the question comes to a head as we have to make our next move.

Keep an eye on your position size, but once we break out of this consolidation area that we have been in over the last two weeks, it should be a rather significant move. Because of this I am sitting on the sidelines and waiting for the next impulsive move, and taking advantage of it.

AUD/USD Price Forecast Video 10.06.22

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