AUDUSD Forecast – Australian Dollar Attempts to Stabilize Into the Weekend

AUDUSD Forecast Video for 23.01.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied a bit during the trading session on Friday, as we continue to see a lot of noisy behavior in this market. It’s worth noting that we ended up forming a bit of a hammer for the session on Thursday, and now we are simply hanging around the body of that hammer, showing that perhaps we have the possibility of a bigger move just waiting to happen.

If we were to break down below the bottom of the hammer for the Wednesday session, it could open up a move to the 200-Day EMA, although I don’t necessarily expect that to be easy. After all, the Australian dollar has been extraordinarily resilient, so it would not surprise me at all to see a little bit of a push to the upside at this point.

However, if we do pull back there is still the channel that we have to pay attention to, and that channel should be rather resilient considering how much it has influenced the market as of late. Ultimately, I think we’ve got a situation where you will more likely than not see a lot of back-and-forth, and probably a lot of buyers of dips as we go forward.

Ultimately, the 0.70 level is an area that we need to pay attention to as well. Ultimately, this is a situation where you will need to be cognizant of the fact that we have seen so much in the way of volatility, but it does seem like we still have an overall “upward tilt” at this point. If we can break above the highs of the Wednesday session, it’s possible that we could go to the 0.72 level.

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