AUD/USD Weekly Price Forecast – Aussie Dollar Continues to See Upward Pressure

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has continued the bullish pressure that we have seen for some time now, as we have broken out of the symmetrical triangle. Now we are approaching the 0.68 level, which is an area that could cause a little bit of noise. And we are approaching the 200 week EMA. Both of these could cause a little bit of trouble, but quite frankly, if we can break the 200 week EMA, then I think the Australian dollar truly takes off.

It does look strong at the end of the week, so it’s obvious that we can go much higher. Short term pullbacks at this point in time continue to be buying opportunities, from what I can see, and the 0.6650 level underneath I think offers support. Keep in mind Australia is an export economy based on commodities.

So, pay attention to commodities and see how they behave. If they start to take off, that could be very bullish for the Aussie dollar as money will flow into that country. Regardless, I like this pair and I do like buying pullbacks as long as we can stay above the 0.6650 level. As for a target, if we can break out above that 200 week EMA, then I think the 0.70 is the next logical one. That’s an area where I would expect to see a lot of noisy behavior, and therefore I think you’ve got to look at it through the prism of a potential target, but whether or not we can get above there could be a completely different turn of events.

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