AUD/USD Weekly Forecast – Australian Dollar Slams Into Resistance

AUD/USD Forecast Video for 20.11.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar continues to exhibit a lot of erratic and schizophrenic behavior as we stay between the 0.63 level underneath in the 0.65 level above. All things being equal, this is a market that I think continues to see a lot of questions asked about the geopolitical situation, and then of course the market continues to see a lot of noise due to the latest freak out to a headline.

The 50-Week EMA sits right around the 0.66 level, and I think that’s an area where a lot of people will pay close attention to. If we can break above there, then the market could go looking to the 0.69 level. The size of the candlestick for the week is of course bullish, but we’ve seen this recently, only to get it turned right back around, so now we have to wonder whether or not we are going to slam straight back down again?

In general, this is a scenario that I think is difficult for longer-term traders to get involved, but if we break above the 0.66 level, then I think we have 3 or 4 handles above that we will probably go targeting. On the other hand, if we break down below the 0.63 level, then the Australian dollar could drop down to the 0.60 level. Ultimately, this is a market that will continue to exhibit a lot of volatility, but quite frankly I think that is going to be the scenario that most markets deal with in the future as we continue to monitor the Federal Reserve and whether or not they will loose monetary policy, the Middle East war, the Ukrainian war, and so on.

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