Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has fallen somewhat hard during the Thursday session as we continue to see a lot of trouble in this market. The Aussie dollar is getting hammered as the US dollar is the strongest currency out there. Ultimately, this is a market that looks like every time it rallies; there will be sellers. With this being said, the 0.70 level above should likely be resistance, as it was a significant resistance barrier. It should also be noted that we are in the midst of an essential noisy area that extends from the 0.70 level down to the 0.68 level.
If we do break down below the 0.68 level, then the market is likely to go much lower, perhaps reaching down to the 0.65 level. Either way, it is worth noting that the market has been running in a straight line lower for a while, and as a result, we will likely see some recovery. The recovery will more than likely offer an opportunity to short this market yet again. I do not necessarily believe this market has a setup to the upside happening anytime soon.
The commodities market heavily influences the Australian dollar, which is starting to struggle a bit. With the US dollar strengthening against almost everything, it is not a huge surprise to see that the Aussie will continue to look somewhat soft. Any rally at this point that shows exhaustion up to the 0.72 level will be suspected as a shorting opportunity. Ultimately, it seems as if we are going to go much lower.
AUD/USD Price Forecast Video 13.05.22
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This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/aud-usd-price-forecast-australian-133632947.html