AUD/USD Weekly Forecast – Aussie Dollar Continues to Show Downward Pressure

AUD/USD Forecast Video for 11.09.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has initially tried to rally during the course of the week, and then turned around to fall rather significantly. That being said, if the market were to break down below the weekly candlestick, then it opens up the possibility of a move down to the 0.6250 level. At this point, any short-term rallies continue to offer selling pressure with the 0.65 level above offers a barrier that seems to be difficult to break above.

In general, this is a situation where the market will continue to see a lot of volatility due to the fact that the Aussie dollar is highly sensitive to the commodity markets and of course global growth, so that being said, you need to pay close attention to the risk appetite of traders in general. Alternatively, if the market continues to see a lot of volatility, and it’s probably worth noting that the trading probably continues to look at this as a risk proxy, so pay attention to other markets such as stock markets and commodities, because if they do start to rise, it’s likely that we see the Aussie benefit at the expense of the US dollar, which is a safety currency.

If we were to break above the 0.65 level, then it’s possible that we could go looking to the 0.66 level after that. All things being equal, it would take the market breaking above the 0.66 level as a very strong sign to start buying. That being said, I wouldn’t hold my breath for that happening anytime soon, but it’s something to keep in the back of your mind just in case.

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