Yahoo Finance AUD/USD Weekly Price Forecast – Aussie Continues to Underwhelm
Australian Dollar vs US Dollar Weekly Technical Analysis
The Australian Dollar has rallied during the week as we continue to see the market pay close attention to the 0.6650 level. However, on the weekly chart you can see that there is a massive triangle and we are still very much stuck in it. If we can break above the 0.6725 level, then it’s possible that we could rally towards the 0.6825 level, which is also where the 200-week EMA hangs around. The size of the candlestick for the week is basically the same range that we’ve seen over the last 5 or 6 weeks.
This is a market that is doing everything it can to try to sort itself out, but right now we are just simply bouncing around. I’m very neutral on this pair, at least until we break through the top of the triangle, but once we do, then I think you’ve got a situation where we could take off to the upside for at least 100 points.
If we were to break down below the 0.6550 level, then it’s possible that we could drop down to the 0.6450 level underneath, which is basically the bottom of the triangle in general. This is a scenario where I think you continue to see a lot of noisy behavior but really until we break out of this triangle, longer term traders are going to just simply be waiting around for an opportunity to put money to work if you enjoyed this video.
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This article was originally posted on FX Empire
