AUDUSD Forecast – Australian Dollar Rallies Toward FOMC
AUDUSD Forecast Video for 02.02.23
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has rallied early during the trading session on Wednesday, showing signs of life ahead of the FOMC meeting. That being said, the market is likely to be a bit surprised by the FOMC. I think at this point is likely that we would continue to see the volatility in this market, therefore it’s likely that we would continue to see a lot of back and forth right around this range as we are trying to figure out where to go next.
The market really sold off during the trading session on Tuesday, but then recovered quite stringently. At this point, I think we are building up enough momentum to make a bigger move, and it’ll be interesting to see how that plays out. The attitude of the market has been one of trying to push the Federal Reserve around, but I think ultimately, we are at an area that is going to cause some type of big reaction.
If we were to break down below the hammer on Tuesday, then it’s likely that we could go down to the 0.69 level. Furthermore, the 50-Day EMA is sits right around that area and has just crossed above the 200-Day EMA to form the golden cross that so many people get excited about. Nonetheless, I think that is more likely than not we make a bigger move one way or the other, so if we do break out to the upside, it would obviously be a bullish decision for the next move. If we can break out of this range were in, then it gives us a direction for the next several weeks.
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