AUD/USD Weekly Forecast – Australian Dollar Continues to Give Up Gain

AUD/USD Forecast Video for 24.04.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has rallied during the course of the week, but gave back gains rather quickly, and therefore it looks as if we continue to form very negative candlesticks. In fact, we have formed 3 shooting Star candlesticks in a row, and a few offer a little bit of leeway, you could even say that we have formed for in a row. The question now is whether or not we have any follow-through. If we break down below the 0.66 level, and then the 0.65 level, that could kick off a major selling event.

You can also make an argument for a bit of a bearish flag being formed, but right now it has not kicked off either. That being said, it’s obvious that rallies continue to get faded, and that of course is something that you have to pay close attention to. The 50-Week EMA sits just above the top of this little consolidation area that we have been in, and therefore could offer a bit of resistance itself. Breaking above that level would of course be a very positive turn of events and could open up a move for the Australian dollar to go looking toward the 0.70 level.

Either way, you need to keep an eye on global growth, as it certainly will have a major influence on what happens with the Aussie dollar. Remember, it is a commodity currency, therefore it needs to see global growth to make an argument for appreciation. It also needs the Chinese economy to do well, as China is its number one customer and destination for its commodity exports.

For a look at all of today’s economic events, check out our economic calendar.