AUD/USD Price Forecast – Australian Dollar Continues to Fall

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar initially tried to rally during the trading session on Wednesday, but then turned around to fell rather significantly. At this point, it looks like the Australian dollar is in a bit of a freefall, and I do believe that the market will continue to go much lower. Ultimately, if we do rally from here, I think there are plenty of resistance barriers above that could cause major resistance. The 0.64 level above should be a resistance level, as it was previous a support level.

I believe that resistance extends all the way to the 0.6530 level, and then after that the 50-Day EMA sits just below the 0.67 level and is falling. In fact, it’s a 0.67 level that I think is the “ceiling in the market” going forward, and if it were to break above there, then we could have an argument for an uptrend, but at this point in time I think it’s only a matter of time before we get sellers jumping back into this market as the US dollar is a winner when it comes to major currencies, and of course the Australian dollar has the distinction of being a commodity currency, something that you don’t necessarily want in an environment where the economic growth is starting to slow significantly.

I do believe that given enough time we have a scenario where we eventually see more downward pressure than up. That being said, this is a market that I think you are looking for rallies to fade instead of chasing it. I have no interest whatsoever in trying to buy this pair anytime soon.

AUD/USD Price Forecast Video for 13.10.22

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