AUD/USD Weekly Price Forecast – Aussie Continues to See Volatility

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has been somewhat noisy during the course of the week, but at this point in time, we look as if we are trying to find support near the 0.65 region maybe even below that level at the 0.6450 level, which is an area that previously had been very important. I think in this general situation, we have a scenario where traders will be looking to get involved and buy some type of bounce.

That being said, I think this is a market that is just trying to reestablish the range that it’s been in for some time. And on Friday, we’ve seen the US employment numbers come out much weaker than anticipated. So, with this, we have a situation where the market will continue to be noisy. But I think when you look at this chart, I think it’s going to be very much the same market it had been most of last year.

The Australian dollar of course is a currency that people use for a risk on move. And of course, the US dollar is risk off. So, despite the fact that we’ve seen ugliness out of America, we could very well still see downward pressure, all things being equal. I think we don’t go anywhere after this report. And this week just shows that the selling has slowed down a bit. However, the market could continue to shake a lot of traders out, and at this point in time it all looks like chop more than anything else to me at this point.

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