AUDUSD Forecast – The Australian Dollar Continues to Consolidate
AUDUSD Forecast Video for 01.12.22
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar rallied a bit during the trading session on Wednesday, as we have broken above the 0.67 level yet again, but ultimately this is a market that is trying to figure out what is going to do next. It could be consolidating, but it could also be forming some type of rising wedge. On the other hand, if we break above the 0.68 level, we will threaten the 200-Day EMA, which of course is a major indicator that a lot of people pay attention to.
Given enough time, I do think that we are going to see some type of bigger move, but if we were to break above the 200-Day EMA, it’s likely that the Australian dollar will continue to go much higher. We don’t necessarily have a macro environment to think that it’s going to happen, but at the end of the day the market will do whatever it wants to do. If we break down from here, the 50-Day EMA could come into the picture and cause a bit of noisy behavior, with the noise over the last couple of weeks showing just how difficult this is going to be.
If we break down below there, then we could be looking at the 0.65 level. That is a major area of interest as it was previous support. Anything below there could break down rather significantly, perhaps ending the Australian dollar down to the 0.63 level. Ultimately, this is a market that is also highly influenced by the global growth situation, which looks somewhat anemic, as the Aussie will move based upon the demand for commodities.
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