Category: Forex News

AUD/USD Weekly Price Forecast – Aussie Dollar Continues to Grind

Australian Dollar vs US Dollar Weekly Technical Analysis

Taking a look at the Australian dollar on the weekly time frame, you can see that we continue to bounce around in the same noisy area. The 0.6450 level underneath would be a major support level, right along with the 0.6650 level above being massive resistance. This is an area that has shown itself to be important more than once.

Quite frankly, at this point in time, it looks like it’s going to be a very consolidated type of situation. And therefore, I think you’ve got a market that is more in tune with short term moves. That being said, if we can break above the 0.6650 level, then the market could go looking to the 0.6850 level underneath the 0.6450 level being broken opens up the possibility of a move down to the 0.6350 level. This would be a massive “risk off move” though, so we will see if that actually happens.

Keep in mind that the Australian dollar is a risk on currency. So, a lot of this will come down to that. But we also have to pay attention to the Federal Reserve if they are in fact going to keep monetary policy tight. That keeps a little bit of a lid on this. Ultimately, this is a very neutral market, and I just don’t want to put a lot of money into it from a longer term standpoint. This is a market that essentially is waiting for some kind of fundamental change in attitude or interest rate outlook to get moving from what I can tell.

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

This article was originally posted on FX Empire


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