AUD/USD Weekly Forecast – Australian Dollar Power Is Ahead

AUD/USD Forecast Video for 27.11.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has rallied pretty significantly during the course of the trading week, but we still remain below the 0.66 level. Because of this, it’s very likely that the market will continue to see a lot of noise in this area, and we are not quite out of the woods yet. All things being equal, the market is trying to sort out whether or not it can break above the 50-Week EMA, which of course would be a very bullish sign.

If we do breakout at this point, I think that we would be looking at a move to the 0.69 level given enough time. That obviously would be a very bullish turn of events, and therefore I think would attract a lot of attention. On the other hand, if we turn around break down below the 0.65 level, it’s likely that we go down to the 0.64 level. After that, the 0.6250 level is the next support level.

A lot of this is going to be based on interest rates and what they are doing in the United States, so keep an eye on those obviously. In general, I think this is a scenario where the market is trying to sort out what to do with the US dollar and what the Federal Reserve is going to do next, which unfortunately has been the argument for what seems like a lifetime now. Because of this, I would anticipate seeing a lot of volatility in not only this pair, but just about anything you touch in the Forex markets at the moment.

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