AUD/USD Weekly Forecast – Australian Dollar Plunges for the Week

AUD/USD Forecast Video for 13.11.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Aussie dollar has had a very rough week, plunging below the 0.64 level as we continue to consolidate in general. The 0.65 level above continues to be a major resistance barrier that a lot of people will be paying close attention to, while the 0.63 level underneath will end up being a massive support level that people also pay quite a bit of attention to. With this, I think it’s probably only a matter of time before we see the market trying to make a bigger move, and after this past week it looks like we might continue to see downward pressure overall.

That being said, we are in such a clearly defined consolidation area that it is difficult to get overly excited as a long-term trader at the moment. However, if we can break out of this box that we are currently trading in, then I think it allows for the market to make a more substantial move. If and when that happens, I think you have a situation where we could test the 50-Week EMA, which is closer to the 0.66 level.

On a break down below the 0.63 level, then we could see a move down to the 0.62 level, but right now I’m not holding my breath with this market, as I recognize that the choppiness has been an issue for a while. The Australian dollar is highly sensitive to the global economy and global trade, and of course is also highly sensitive to the global recession/depression outlook that a lot of people were paying attention to. The US dollar of course is also considered to be a “safety currency”, so that’s something to keep in mind as well.

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