AUDUSD Forecast – Australian Dollar Gives Up Early Gains Yet Again

AUDUSD Forecast Video for 13.02.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has initially tried to rally during the trading session on Friday, but then gave back gains yet again as we continue to see the Aussie struggling with upward momentum. At this point, it looks like we are starting to see a resurgence of the US dollar, and that of course will be felt against all currencies as it is the world’s reserve currency.

As long as there are concerns about risk appetite out there and the overall global economy, it does make a certain amount of sense that you would see the Aussie suffer against the greenback. Furthermore, you need to keep in mind that the Australian dollar is highly levered to Asia and the rest of the world, so you have to think of it through the prism of whether or not we are going to see enough growth for traders to put a premium on the Aussie dollar.

The 50-Day EMA underneath of course will attract a certain amount of attention as potential support, but more importantly we also have the 200-Day EMA sitting just below. Furthermore, we have seen action right around that area previously as well, so it all comes down to whether or not the market chooses to respect that overall region.

On the other hand, if we turn around and break above the 0.70 level on a daily close, then we could go looking to the 0.71 level, which is a situation where you have a lot of resistance as well, as we had pulled back from there previously. Regardless, I think you going to see a lot of volatility.

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