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AUD/USD Weekly Price Forecast – Aussie Continues to Look For Momentum

By:
Christopher Lewis
Published: Apr 19, 2024, 13:06 GMT+00:00

The week for the AUD/USD pair has been one sideways noise, especially as the geopolitical risks continue to take front and center stage for people’s attention.

In this article:

Australian Dollar vs US Dollar Weekly Technical Analysis

The Aussie dollar has broken down during the course of the week, but at this point it does look like we are at least trying to find some type of support. The 0.6450 level is an area that I think will continue to be important, as it could be a market memory just waiting to come into the picture and offer resistance.

If we were to break above there, then we could go looking to the 50 week EMA. On the other hand, if we turn around and break down below the candlestick for the week, then I think there’s a shot that we go down to the 0.63 level. Keep in mind that the Australian dollar is considered to be a, risk on currency.

And in this amount, with geopolitical tension, central banks tightening or at least staying tight, I think at this point it’s difficult for this pair to truly take off to the upside. That doesn’t mean we can’t bounce a bit, but I would not consider a longer term shift in attitude until we can get above the 0.6650 level. At this point, it looks like the US dollar is going to continue to be strong against most currencies and the Aussie won’t be any different.

With that being said, I think you’re more or less looking at a slightly negative, slightly neutral type of situation and therefore it’s probably going to be difficult to trade this pair from a longer term standpoint, at least as things stand right now.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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