AUDUSD Forecast – Australian Dollar Touches 200-Day EMA

AUDUSD Forecast Video for 02.12.22

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has shot higher during the trading session on Thursday but continues to see a lot of volatility overall. The Aussie has touched the 200-Day EMA, before pulling back. Ultimately, this is a market that is trying to break out but also, we have quite a bit of noise out there that could come into the picture. After all, there is a lot of concern out there about the global slowdown, which will directly affect the Australian economy as it is so highly levered to the commodity markets overall. Beyond that, the Australians will have to worry about whatever is happening in China, because it’s not growth at this point.

If we do break above the 200-Day EMA, that could open up the markets for a move to the 0.70 level. The 0.70 level is an area that a lot of people have paid attention to in the past, and it obviously has a certain amount of psychology attached to it. With that in mind, it would make for a nice target if we do in fact continue to go higher. However, we break down from here it’s likely that we could you look into the 0.67 level initially, and then down to the 50-Day EMA.

The NFP job report will have a lot to say about where we go next, as it is obvious that this market is trying to change its overall trajectory. Whether or not it can, will be apparent soon, but right now it’s making a strong case for a move higher as we have seen the US dollar lose.

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