AUD/USD Price Forecast – The Australian Dollar Continues to Consolidate
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has rallied significantly during the trading session on Tuesday in the early hours but has seen a lot of selling pressure just above. Keep in mind that the Australian dollar is highly sensitive to the commodity markets, which has a major shift coming. After all, we have seen copper nosedive, right along with natural gas. On the other side of the spectrum, oil has taken off, but it should be noted that commodity markets are simply showing just how “lumpy” the overall supply chain is at the moment.
The 0.70 level above is a major round figure that a lot of people will pay close attention to, as it is a large, round, psychologically important figure, and an area where we have seen a lot of “flipping” recently. All things being equal, I think this is a market that will continue to find sellers on rallies, with the 50 Day EMA also racing below the 0.71 level to cause major issues.
The “double bottom” underneath is near the 0.68 level, and if we can break down below there, then it’s likely that the market could go much lower. In fact, when you look at the longer-term charts, that is a crucial level that needs to hold, or else the US dollar will destroy the Aussie dollar in the short term. On the upside, it’s really not until we break the 0.73 level that the trend could be looked at as being positive for something that’s going to be bigger than a simple short-term bounce.
AUD/USD Price Forecast Video 29.06.22
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This article was originally posted on FX Empire
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