AUD/USD Forecast – Aussie Dollar Continues to See Chop

Australian Dollar vs US Dollar Technical Analysis

The Aussie has gone back and forth during the course of the early hours on Wednesday, as we wait for CPI numbers in America and then again, we also wait for the FOMC decision later in the day. Ultimately, this is a market that I think continues to be very noisy as we are squeezing in a bit of a longer term triangle and also have to look at this through the prism of a market that has been bouncing around these moving averages for the last couple of days.

Above current trading, we have the 0.6650 level, which seems to be a little bit of a magnet for price. And then after that, we have the 0.67 level. Underneath, we have the 200 day EMA, which is hanging around the 0.6580 level and rising. And if we were to break down below there, we could drop down to the 0.645 level. This is a pair that just doesn’t have anywhere to be right now.

And I think continues to be short-term trading at best. And with that being the case, I think you’ve got a situation where traders are just chopping back and forth. And that might be the way forward this summer as there isn’t much to get this market moving from what I can see. There are a lot of questions about the overall global economic and growth picture. And that of course, has a major influence on the Aussie as well.

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