AUD/USD Forecast – Aussie Dollar Continues to See Upward Pressure in Limited Range

Australian Dollar vs US Dollar Technical Analysis

At this point in time, the Australian dollar is hovering around the 50-day EMA as well as the 200-day EMA and looks as if it wants to try to get higher towards the 0.6650 level. If we can break above there, then we could go looking to the 0.68 level. But right now, we’ll have to wait and see. Keep in mind that the Australian dollar is highly sensitive to commodity markets and global growth, and therefore I think you’ve got a situation where it’s probably going to continue to be choppy, to say the least. Underneath the 0.645 level offers a lot of support. So, we’re still very much in the same consolidation area that we had been in previously and therefore, I think it makes a lot of sense that we just continue a lot of the same noise.

We had an extreme sell-off about a week ago and we have recovered from that, but it really hasn’t changed much. Overall, we’re basically in the middle of the consolidation area that we had been in for several months. I Think in the short term the Australian dollar probably favors the upside, but I wouldn’t be looking for a big trade here I think this is a market that will continue to get thrown around by the Federal Reserve, the global markets, the global risk on and risk off calibration of markets, and of course commodities. Furthermore, you have to pay attention to China, and its latest economic numbers have not exactly been thrilling.

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