AUD/USD Forecast – Aussie Continues to Be Choppy

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has pulled back slightly during trading on Tuesday as we continue to hang around and sort out where we are going next. Ultimately, this is a market that given enough time probably has to make a bigger decision. But as we stand right now, we are sitting just above the 200 day EMA and currently waiting for the Wednesday FOMC meeting. The meeting and probably more importantly, the press conference, could give us an idea as to what we are doing with the US dollar going forward.

If we break down below the 0.6550 level, then we could drop down to the 0.6450 level. Just as if we turn around and rally from here, we could go look into the 0.6650 level and then the 0.67 level. I think we continue to see a lot of this nonsensical choppiness that has been a feature of this pair for some time. And with that being the case, it’s likely that we go into the market chart through the prism of probably 15 minute timeframes and try to go back and forth if I traded at all.

Keep in mind that the Australian dollar is highly sensitive to commodities, and they of course are all over the place at the moment. So, I do recognize that we need to keep that in the back of our minds. Position sizing will be crucial because we’re just ticky-tacky kind of chopping around in this area. So, keep that in mind as well.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

• The U.S. Dollar: How Will the Fed’s Key Rate Decision Affect It?

• Octa’s Research: Inflation in the U.S. Is Cooling Down Slightly

• AUD/USD Forecast – Aussie Continues to See a Lot of Range Trading

• McKesson is a Growing Giant

• Vertex Shares Rising on Expanded Therapy Offerings

• Boot Barn Shares Riding Higher on Cash, Sales Jumps