AUDUSD Forecast – Australian Dollar Hovers Around Major Moving Averages

AUDUSD Forecast Video for 17.02.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the trading session on Thursday, as we continue to see the 50-Day EMA and the 100-Day EMA indicators offer a bit of support. The market had a very rough day on Wednesday, but it does not look like it’s quite ready to give up and break down. Because of this, I anticipate that the market will continue to see quite a bit of noisy behavior, but eventually will have to make a decision. In the short term, I suspect that we may try to get back toward the top of the candlestick from the previous session, if for no other reason than to start to build some consolidation.

Ultimately, this is probably a sign that the market is still trying to figure out what to do with the massive selloff from a week or so ago, which typically means that we need another economic announcement or shock to the system to start selling off. After all, that brutal selloff from the 0.7150 level is the type that rarely happens in a vacuum, so we need to look at it through the prism of the idea that perhaps it’s kicking off something bigger.

0.70 level above is significant resistance, and a large, round, psychologically significant number. Because of this, it would not surprise me at all to see traders look at that as a short-term ceiling. Anything above there would be bullish, but breaking to a fresh, new high is going to take a Herculean effort. To the downside, if we break down below the 0.6850 level, I anticipate that this market will probably continue to see downward momentum, opening up the 0.67 level, possibly the 0.66 level.

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