AUDUSD Forecast – Australian Dollar Initially Falls, but Finds Buyers Again

AUDUSD Forecast Video for 14.02.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has fallen a bit on Monday but has found enough support underneath to turn around and start rallying again. The 50-Day EMA seems to be holding up as support, and therefore it’s worth paying close attention to. At this point, I think you got a situation where the market is more likely than not going to continue to be very choppy, especially as we have a couple of inverted hammers just to the left of current trading.

The 50-Day EMA typically attracts a lot of attention, but we also have the 200-Day EMA sitting just below there, so that comes into the picture as well. This all revolves right around the 0.69 level, and therefore the big figure also probably has its part to play. If we were to break through all that, then I think we could go looking to the 0.67 level rather quickly, but at this point it still remains to be seen whether or not we get enough downward pressure. It is worth noting that the most recent impulsive move was to the downside, but we had seen that back in December, and then watched the market catch its breath, only to turn around go higher again.

At this juncture, I think we got a situation where the market is probably more likely than not to be in a range for a while, but we will get an impulsive candlestick that either breaks down below the 0.69 level rather handily or breaks above those inverted hammers to tell us which direction we are going to go. In the meantime, expect choppy short-term trading.

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