AUDUSD Forecast – Australian Dollar Threatens to Break Above Resistance

AUDUSD Forecast Video for 15.02.23

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied a bit during the trading session on Tuesday, as we are now threatening to 0.70 level. The 0.70 level of course is an area that will attract a lot of attention from a psychological standpoint, but I think at this juncture you have to look at and also through the prism of a minor barrier. If we can break above there, then the 0.7150 level will be the next target as it’s where we sold off from previously. Ultimately, I think this is a situation where you have to look at dips as a potential buying opportunity, at least until we break down below the 50-Day EMA and the 200-Day EMA indicators.

If we do break down below this indicators, then I think it’s likely that we go to the 0.67 level. The 0.67 level is an area where I think you have a lot of interest due to the fact that we have seen previous support. The market raking down below there then opens up the floodgates for a massive move lower. Ultimately, the 0.65 level would be the initial target, followed by the 0.62 level.

Keep in mind that the Australian dollar is very sensitive to global growth and of course commodities, so you have to pay attention to all of that at the same time. Given enough time, I think we have a scenario that will continue to be very noisy, therefore you need to be very cautious with your overall position exposure. The market tends to see a lot of interest in both directions, so be nimble, but make sure that you have a reasonable position size.

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