AUDUSD Forecast – Australian Dollar Pushes Higher

AUDUSD Forecast Video for 25.11.22

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied a bit during the trading session on Thursday, as Americans were away for Thanksgiving. At this point, we are running into a bit of resistance so it’ll be interesting to see whether or not we can continue the breakout. At this point, it looks like we are consolidating in a large area near the 0.67 level, an area that has been important multiple times in the past. We are also stuck between the 50-Day EMA underneath and the 200-Day EMA above. This suggests that we are going to get a squeeze sooner or later, and it will be interesting to see how this plays out.

On Wednesday, the FOMC Meeting Minutes were released, which suggested that some Federal Reserve governors are warming up to the idea of slowing down rate increases, and now that the market has gotten a sniff of that, it’s starting to run away with that idea. At this point, the market breaking above the 200-Day EMA would confirm everything from a technical analysis standpoint, opening up the possibility that we could be in the midst of a major trend change. On the other hand, if we turn around a break down below the 0.66 level, it’s likely that we will continue the overall downturn.

The next couple of weeks could be rather crucial, so we will have to wait and see how this plays out, but all eyes now will be on the Federal Reserve meeting in December, trying to get an idea as to how everything plays out. If we see the Federal Reserve start to talk about slowing down, that will probably be the end of the uptrend for the dollar.

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