Yahoo Finance AUD/USD Price Forecast – The Australian Dollar Has a Big Monday
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has rallied significantly during the trading session on Monday to show signs of strength again. At this point, the market has broken above the 0.71 level, and now it looks like we are going to threaten the 0.72 level. The 0.72 level above is what I would consider a short-term ceiling that could determine where the trend is going next. In this scenario, I like the idea of fading some type of exhaustion in this pair, as we continue to favor the US dollar.
The 0.70 level underneath should be a bit of a support level, and if we can break down below that level it is likely that we could go reaching the bottom. All things being equal, this is a market that will eventually go looking to figure out what it wants to do next, but it is a long-term downtrend that is still very strong, and it is obvious that the US dollar is desired. In general, the market will continue to see a line of noise, and you should keep in mind that the Australian dollar is highly sensitive to risk appetite in general, right along with commodities. Furthermore, the Australian dollar is going to have to deal with any knock-on effect from China, as China is by far Australia’s biggest customer.
Pay close attention to interest rates coming out of the United States, because that has been a major driver of where we have been going for a while. With this, I am looking for signs of exhaustion that I can jump upon, and therefore it is a simple waiting game at this point.
AUD/USD Price Forecast Video 24.05.22
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This article was originally posted on FX Empire
