AUD/USD Weekly Price Forecast – Australian Dollar Rallies For The Week

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has broken above the 50 week EMA during the course of the trading week and it looks to me like we are really to continue to go to the upside, perhaps looking to the 0.69 level. This is a level that has been major resistance in the past, so I do think it would attract a lot of attention if we got all the way to that area.

The 0.65 level is a major support level and I do think that it will continue to hold. That being said, I also recognize that this is a market that is going to be very noisy as the Australian dollar needs a bit of global growth and risk on behavior to get things going. The Federal Reserve has suggested that they are going to cut a couple of times this year and that’s part of what’s lifted this pair.

But the question then becomes whether or not they are cutting with some type of panic, because if they are, that could turn things around. You can see the 3.69 level and the 0.65 level have been important multiple times in the past, so it does make a certain amount of sense that we could go as high as 0.69 given enough time. Breaking above there would of course be a major coup for the Aussie dollar, but that is something that we take a major shift in sentiment around the world.

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