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AUD/USD Weekly Price Forecast – Australian Dollar All Over The Place This Week

Christopher Lewis
·2-min read

Australian Dollar vs US Dollar Weekly Technical Analysis

The Australian dollar has gone back and forth during the course of the week, as we continue to see a lot of concerns about global growth. Keep in mind that the Aussie dollar is highly levered the global growth, so we need to pay attention to what the world is doing, and how the world is behaving from a trade perspective. Keep in mind that China is also a major influence on the Australian economy, but at this point, it’s likely that we will continue to see noisy behavior. The 0.70 level is offering significant resistance, but on the other hand, if we were to see signs of exhaustion, then traders will probably start shorting again.

On the other hand, if we were to break above the 0.70 level, then the market could go to the 0.72 level. The 0.72 level is an area where we’ve seen a lot of noise previously, so that’s probably about as far as I would expect a rally to go. On the other hand, if we do break above there, it would be very bullish for this market to go much higher.

If the market was to break down below the lows of the last couple of weeks, then it’s possible that we could challenge the 0.68 level, and then possibly the 0.66 level after that, both of which have been historically important in the past. Ultimately, that does make a certain amount of sense considering that the Federal Reserve’s tiny monetary policy, and the commodity markets are having a bit of trouble.

AUD/USD Price Forecast Video 27.06.22

For a look at all of today’s economic events, check out our economic calendar.

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This article was originally posted on FX Empire

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