AUD/USD Forecast – Aussie Dollar Continues to Look For Global Growth

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has gone back and forth during the course of the trading session in the early hours on Monday, as we continue to see the 0.6650 level as an area that will remain crucial. It’s an area that’s been both support and resistance in the past. And it’s probably worth noting that the 50 day EMA above is offering resistance while the 200 day EMA underneath offers support. As the market continues to bounce back and forth in this area, I think it makes a certain amount of sense that we will see a lot of inconclusive behavior.

If the market were to turn around and break above the top of the candlestick for the trading session on Monday, then we could go looking to the 0.6750 level. On the other hand, if we were to break down and drop below the 200 day EMA, then the market could go looking to the 0.6550 level. In general, this is a market that is highly sensitive to the commodities markets. And of course, highly sensitive to the global risk appetite.

In general, this is a market that I think will continue to be somewhat confused. And with that being the case, I think it remains very neutral from a longer term standpoint. In general, I do think that the 0.6850 level above is a major ceiling, while the 0.6450 level underneath is a major floor.

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