AUDUSD Forecast – Australian Dollar Fills the Gap

AUDUSD Forecast Video for 30.11.22

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied quite nicely during the trading session on Tuesday, breaking above the 0.67 level. The 0.67 level is an area that has been important multiple times in the past, so the fact that we are paying attention to it right now makes quite a bit of sense. In fact, it’s very likely that we continue to see a lot of back and forth over the next couple of days, because we have so many major announcements this week.

We have Federal Reserve chairman Jerome Powell speaking at the Brookings Institute, the ADP employment figures, the Core PCE figures, and then of course the BLS employment figures. Because of this, it’s very likely that the US dollar will be somewhat noisy this week, and that lends itself to a situation where the market spends its wheels and goes back and forth.

It’s worth noting that we are between the 50-Day EMA underneath and the 200-Day EMA above. That typically allows for the market to squeeze given enough time and go lower or higher quite rapidly. We are still technically in a downtrend, so if we break down below the bottom of this market it’s likely that we could go down to the 0.65 level. On the other hand, if we turn around and take out the 200-Day EMA to the upside, then we have a situation where we could go looking to the 0.70 level, an area that has a lot of psychology attached to it as it is a large, round, psychologically significant figure.

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