Yahoo Finance AUD/USD Forecast – Aussie Continues to Chop Back and Forth
Australian Dollar vs US Dollar Technical Analysis
The Aussie dollar has rallied a bit during the trading session on Wednesday as we wait for the FOMC meeting. All things being equal, this is a market that I think will continue to be very noisy and sideways overall. I suspect by the end of the FOMC meeting, we will not have accomplished anything. That seems to be how FOMC tends to work anyway. So, with that being said, I believe that at this point in time, this is a market that will continue to bounce around between the 0.6450 level and perhaps the 0.6650 level.
All things being equal, this is a market that I believe that we have a lot of choppy questions asked about the market. But with that being said, I just don’t have a scenario where I think we break out of this area because of the lack of clarity. The Federal Reserve may or may not be hawkish, and if they are, you may see a run to the US dollar. But when you zoom out on the chart, we have been consolidating and compressing for some time, and therefore you have to look at the markets through that prism.
With that being said, I think you are in a scenario where you just trade back and forth between these two levels. There’s really not anything out there to move these markets in one direction or the other besides random panic and drama. It’s just how the markets are this year. And I think by the end of the year, we’re going to look back and say, what was that all about? Because we didn’t go anywhere. And that’s true with a lot of major pairs. So, the Aussie, I don’t think it’s going to be any different.
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This article was originally posted on FX Empire
