AUDUSD Forecast – Australian Dollar Slams Into Recent Resistance

AUDUSD Forecast Video for 13.03.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar initially dipped a bit during the trading session on Friday, only to turn around and show signs of life again as the jobs number came out a bit of a mixed picture in the United States. By doing so, we are threatening the top of the recent noise that we had seen, and perhaps threatening to break above a couple of inverted hammers. If we do break above there, that’s obviously a very bullish sign, but at the end of the day we saw plenty of resistance above so I wonder how long we can continue to go higher?

Keep in mind that the 0.67 level has been important multiple times, and therefore we will have to pay close attention to it. Remember, the area that previously had been support should now be resistance. We have also seen previous action in that area in the past, so I do think that it remains very important. Furthermore, the 50-Day EMA has broken down below the 200-Day EMA, and therefore I think we’ve got a situation where the longer term traders are starting to look at this as a “sell and stay” type of position. Rallies at this point in time will be opportunities to start shorting from what I can tell, and therefore I will be paying close attention to the first signs of exhaustion that I see.

That being said, if we did manage to break above the 0.68 level, then it’s possible that we could see a bit of a buying opportunity, but even then I think it would be somewhat short-term. After all, the global economy is a bit of a mess, and it does make a lot of sense that we would see plenty of opportunity for people to want to come back into the US dollar. As long as there are concerns out there about global growth and of course multiple other issues beyond growth, including geopolitical concerns. With this being the case, and the fact that we formed such a massive negative candlestick just a couple of days ago, I do think that it is probably only a matter of time before we see reasons to start selling yet again.

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