AUD/USD Weekly Price Forecast – Aussie Continues to Break Higher

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar initially pulled back to the 0.6650 level but has turned around the show signs of life again. Ultimately, this is a market that looks as if it is trying to break out of a fairly large symmetrical triangle. And at this point, it looks like we could go look into the 0.69 level. It’ll be interesting to see whether or not the 200-week EMA gets targeted and, of course, offers resistance. If we can break above that, then the Aussie could really start to take off.

That being said, you could, I suppose, make a little bit of a reach and suggest that perhaps there is some type of inverted head and shoulders that’s being attempted to break out, being broken out of as well. So, with that being said, that could be a big deal as well. In general, the market is likely to continue to try to weaken the US dollar. The massive amount of borrowing alone should probably facilitate that.

And according to the measured move of the inverted head and shoulders, we could be looking at a move to the 0.73 level. That is going to take a long time to get to. That might be an end of the year story. It might even be a 2025 story. But it certainly looks like the Aussie has remained very resilient. And I do think that buyers will continue to continue to jump into this market and buy dips as they occur.

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