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AUDUSD Weekly Forecast – Australian Dollar Wipes Out Last Week

AUD/USD Forecast Video for 06.02.23

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar initially tried to rally but ran into a lot of trouble near the 200-Week EMA, only to pull back and slam into the bottom of the candlestick range from last week. At this point, it seems as if buyers are trying to stand in the market and step up support, but whether or not that last is a completely different question. If we break down below the bottom of the candlestick for this past week, then I think it’s likely that this pair goes looking toward the 50-Week EMA underneath, which is right around the 0.69 level.

On the other hand, if we break above the top of the range then it opens up the possibility of the Australian dollar going all the way up to the 0.7250 level given enough time. That is an area that I think a lot of people will be paying close attention to, and if we could break above that level, then it will open up the possibility of a move to the 0.75 handle. On the other hand, if we break down below that 0.69 level, that could send a lot of selling pressure into this market, perhaps opening up a huge move down to the 0.67 handle, and then the 0.65 level.

Keep in mind that the Australian dollar is highly influenced by external factors such as China and of course global growth demand in general as we have seen so much in the way of confusion. Because of this, I think you will continue to see a lot of problems when it comes to commodities, which of course is the main export of Australia.

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This article was originally posted on FX Empire