AUD/USD Weekly Forecast – Australian Dollar Looking For The Bottom

AUD/USD Forecast Video for 05-02-2024

Australian Dollar vs US Dollar Weekly Technical Analysis

Looking at the Australian dollar, you can tell that the market eventually did sell off after initially trying to push higher. And it looks now that the 50 week EMA is offering a little bit of a resistance barrier, but I think more importantly, you need to pay attention to the 0.65 level underneath that has caused quite a bit of support. This is an area that comes up time and time again on longer-term charts as well, so I think the market is very well aware of what’s going on here.

If that level continues to hold, then we will probably retest the 50 week EMA but I think at this point we are sitting on top of pretty significant support. So, to me, it’s interesting to see how this plays out. A lot of the negativity that you see comes down to the jobs report on Friday coming out much hotter than anticipated in the United States, and that of course, causes most people to panic. We are in a financial world where good news is bad news and bad news is good news, so there you go.

At this point, it looks to me like the Aussie is likely to find a bit of a bounce, but I don’t necessarily think it changes anything. In fact, I anticipate that this market will be very range-bound for the next several weeks, if not possibly even months.

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