AUD/USD Price Forecast — Aussie Dollar Hovers at the 50-Day EMA

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has seen a lot of resistance near the 0.70 level previously, so it should not be a huge surprise to see that the Aussie dollar has rallied a bit, but not enough to completely turn things around as that area is going to be difficult. We are hanging around the 50-day EMA, so it’s probably worth noting that a certain amount of algorithmic trading will probably come into the picture to keep the market relatively inflated.

If we break down below 0.6950, it’s very likely that the Aussie will go looking to reach the 0.69 level. That being said, I think the market also needs to pay close attention to risk appetite around the world, as the Australian dollar is so highly levered to the commodities markets. The Aussie dollar also is highly levered to the Chinese economy, so we will have to pay attention to what’s going on with the Chinese, especially as we are starting to worry about the housing market in that country.

If we were to break above the 0.70 level, then it’s possible that the market could go looking to the 200-day EMA, near the 0.71 level. A break above that level then opens up a much bigger move. On the other hand, a break down below the 0.6850 level and it becomes possible that the market then goes down to 0.67. Ultimately, this is a market that continues to see volatility, and I think that is not going to change anytime soon.

AUD/USD Price Forecast Video for 29.08.22

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