AUD/USD Price Forecast – Australian Dollar Continues to Plunge

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has fallen a bit during the trading session on Monday as we continue to see the US dollar strengthened. However, it does look like people are starting to push back a bit so it’ll be interesting to see how this plays out. Regardless, I have no interest in buying this pair and I think doing so would be reckless. After all, the US dollar is the strongest currency out of all of the majors right now, and there’s nothing that has changed to make that be any different other than a bit of profit taking.

The Australian economy will have to deal with a slowing Asia, and of course the fact that global demand is going to fall off of a cliff. This is not good for commodities, and therefore it’s not good for Australia. That being said, we may be a little overdone in the short term, so I would not necessarily be surprised to see a short-term bounce at this point. That balance will more than likely get faded at the first signs of exhaustion. The 0.65 level seems to be offering a little bit of support, which should not be a huge surprise considering that it is a large, round, psychologically significant figure.

If we do break down below there, then we could continue to drop down to the 0.63 level, and maybe even lower than that.

I do not like the idea of buying this pair, at least not until we clear the 0.67 level, and even then, I would like to see some type of shift in thinking of the central banks. After all, the Federal Reserve is extraordinarily tight with its monetary policy and shows no signs of giving that up.

AUD/USD Price Forecast Video for 27.09.22

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