AUD/USD Weekly Price Forecast – Australian Dollar Has Tough Week

The Australian dollar has fallen during most of the week, as we continue to see a lot of noisy behavior. This is a simple continuation of the overall downtrend that we had been in for some time, and at this point in time it almost looks as if we are going to try to reach towards the 0.70 level given enough time. That being said, I do believe that the market will be very noisy and of course chop around quite a bit, but at the end of the day I think that what we have is a situation where the Aussie dollar is trying to retest major support.

AUD/USD Video 10.01.22

Keep in mind that the Aussie dollar is highly sensitive to China and everything that is going on over there, so you have to keep an eye on the coronavirus situation as the Chinese have a “zero case policy” in effect. The Federal Reserve is also looking to tighten, and that of course will have a major influence on what happens with the US dollar, which by extension of course will have a major influence on what happens here. Nonetheless, it looks as if short-term rallies will continue to be sold into for what I can see, and that is most certainly worth paying close attention to.

The 50 week EMA is getting ready to cross below the 200 week EMA, so that might be worth paying attention to but at the end of the day the 0.70 level is without a doubt going to be the most important point on this chart, so make sure you are paying close attention to it.

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