AUD/USD Weekly Forecast – Australian Dollar Finds Support

AUD/USD Forecast Video for 15-01-2024

Australian Dollar vs US Dollar Weekly Technical Analysis

The Aussie dollar initially dipped during the course of the week but has found support near the 0.6650 level and of course the 50-week EMA indicator. The market looks as if it is trying to form a hammer for the week so that does suggest that we are going to continue to see buyers on dips. That will be the case as long as we don’t have some type of massive geopolitical concern, because the US dollar is considered to be a safety currency in those times. Let’s be honest here, there are plenty of things out there that could cause major geopolitical concerns, and I do think that the year is going to end up being very chaotic to say the least.

If we break above the top of the candlestick for the week, then it could open up a move towards the 0.69 level. The 0.69 level, of course, is the top of a longer term consolidation area. The 0.65 level underneath was a major floor, and of course, just above the 0.69 level, we have the 200-week EMA, so I don’t know that we can break above there, but it does look like the market is trying to lean in that direction. Pay close attention to the interest rates in America because if they start to drop, then it’s a very good sign that the Aussie will take advantage of it. On the other hand, if we break down the little 50-week EMA, the Australian dollar could drop down to the 0.65 level underneath.

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