Australian Dollar Posits at the Same Resistance Barrier for the Week

Australian dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has gone back and forth during the course of the week to show a bit of hesitation, and therefore it is likely that the 0.75 handle will continue to be important, as it has been both support and resistance multiple times over the last several months. That being said, if we break down below the weekly candlestick that is being printed this week, then we could fall somewhat significantly. The 0.70 level underneath is an area that has been important a couple of times in the past, so if we do pull back rather significantly, then it is possible that we could see a range form.

On the other hand, if we were to break above the 0.76 level, then it is likely that we could go looking toward the 0.78 handle. That is an area where we had seen resistance previously, and it would make a substantial target. At this point, the market is going to continue to see a lot of noisy behavior, as we are trying to determine where we are going next. The market showing a bit of hesitation in the short term would make a certain amount of sense, but at this point, it will be interesting to see whether or not we get some type of impulsive candlestick to follow.

At this point, you can also make an argument that we just formed a “W pattern”, but we have almost completed the “measured move” that the pattern called for. The market continues to be very noisy, but we have a couple of trigger prices right around the area that we are in currently.

AUD/USD Weekly Price Forecast Video 04.04.22

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