AUD/USD Forecast – Australian Dollar Continues to See Lackluster Performance

Australian Dollar vs US Dollar Technical Analysis

The Aussie dollar has gone back and forth during the course of the early hours here on Wednesday as we continue to see the 0.6650 level as a bit of a magnet for price.

All things being equal, this is a market that just doesn’t have anywhere to be. We just don’t know what we’re doing. And at this point in time, it seems like we are just basically killing time. The market has a massive amount of resistance near the 0.6725 level, and it has a massive amount of support near the 0.66 level, which is also backed up by the 50 day EMA and the 200 day EMA indicators.

With that being the case, I think if you’re a short-term trader, this might be your market, but if you’re looking for anything more than about 30 to 50 pips on a trade, as a swing trader would do, you’re probably going to be out of luck. The jobs number on Friday could cause some volatility. Maybe that could move the market, but right now, it looks like we just don’t know how to deal with the currency markets.

And that’s true in a lot of major pairs, it’s not just the Australian dollar. It could end up being a slow and sluggish summer for currencies. The Australian dollar being influenced by commodities does help, but at the same time, the US dollar being a safety currency does kind of tamp that volatility down a bit. So, with that being said, I suspect we get more of the same.

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