AUDUSD Weekly Forecast – Aussie Dollar Breaks Through Resistance

AUD/USD Forecast Video for 19.06.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has broken above the 0.68 level, showing a massive amount of bullish pressure. The market continues to look very bullish, despite the fact that there are a lot of concerns about the overall global economy. This is mainly due to the fact that the Reserve Bank of Australia has recently had a surprise interest rate hike, while the Federal Reserve has stood still. While the Federal Reserve is expected to raise interest rates later, it seems like the markets are not worried about it at the moment.

That being said, the market is also above the 50-Week EMA, so that does suggest a certain amount of bullish pressure as well. The market will continue to see buyers on dips, but if we were to turn around and take out the bottom of the weekly candlestick, that could send this market back down to the 0.66 level.

Keep in mind that the Australian dollar is considered to be a major risk appetite based currency, and therefore we need to see more animal spirits in the markets overall. That being said, it looks like we are trying to get to the 0.70 level, although it may not necessarily be in a straight line like we seen over the last 3 weeks. If the Aussie is going to continue to go higher, that will not only be a sign of Australian dollar strength, but more likely than not be more indicative of US dollar weakness. While I do believe that the markets continue to look higher, keep in mind that if there are signs of trouble, this market will turn around and break down.

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