AUD/USD Weekly Forecast – Australian Dollar Has Very Strong Week

AUD/USD Forecast Video for 06.11.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has rallied rather significantly during the course of the week, reaching the 0.65 level. Ultimately, this is a market that I think continues to see a lot of noisy behavior, and it looks like we are testing a major resistance barrier. If we can break above the 0.65 level, then it’s possible that the market could go looking to the 0.66 level. The 0.66 level is where I define the overall trend, and if we were to break above there then I would have to reevaluate the overall attitude of this market. Granted, this is a massive candlestick and it certainly looks as if there is a lot of strength in it.

When I look at this chart, we are the top of the range that we have seen for a while, and therefore I think you have to recognize that we could see some pressure, but at this point in time it doesn’t look like it’s trying to give up its gains. We’ll have to wait and see, but we could see either a breakdown, or a “rollover” when the market breaks above resistance and gives back those gains. However, if we were to break above the 0.66 level, it’s at that point that I think we could go as high as 0.69. This is a market that obviously is highly sensitive to risk appetite, and the fact that the Middle East isn’t on fire at the moment might suggest that a little bit of risk appetite is starting to come back into the market. Only time will tell, but it certainly looks as if we are about to make some type of major decision.

For a look at all of today’s economic events, check out our economic calendar.