Yahoo Finance AUD/USD Price Forecast – Australian Dollar Slamming Against 0.75 Handle
The Australian dollar has rallied to reach towards the 0.75 handle, an area that of course will attract a lot of attention based upon the fact that it is a large, round, psychologically significant figure, and of course an area where we have seen quite a bit of noise before. If we can break above the 0.75 handle on a daily close and somewhat significantly, then I think we could probably go much higher, and it will kick off a confirmed “W pattern.”
AUD/USD Video 21.10.21
The market failing to break above there could set up a sell signal, but we would need to break down below the 0.74 level to confirm that one. At this point, it is very likely that we will probably see more of a flush to the downside. That being said, it is very unlikely that we have this happen anytime soon, and it is looking more likely than not that we will continue to see the US dollar get hit. That being said, the market is a little overextended so it may take some work before we get that opportunity.
The size of the candlestick is somewhat important, and it is worth noting that the one before on Tuesday was rather large, as we broke above the 200 day EMA, an indicator that of course would be paid close attention to in general, so that in and of itself probably is worth noting. With this, I think we are getting close to a breakout, but we are not quite there yet, and therefore will have to be somewhat patient in order to take advantage of any bigger move.
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This article was originally posted on FX Empire
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