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AUD/USD Weekly Price Forecast – Aussie Continued to Grind This Week

Australian Dollar vs US Dollar Weekly Technical Analysis

The Aussie dollar has gone back and forth and quite frankly, just hasn’t decided what to do with itself. It is a market that when you look at it, we have a couple of major areas that you’ll have to pay attention to. For example, the 0.6450 level underneath is a significant support level, while the 0.6650 level above is a significant resistance barrier. In general, this is a market that is at a fairly low level, but at the end of the day, we are just grinding back and forth.

We have spent the entire year so far on this tight range and until something changes from a fundamental standpoint, I just don’t see us breaking out of this. After all, central banks around the world are likely to cut interest rates and if that’s going to be the case, a lot of these major pairs aren’t going to do much. We are just above an area that is pretty significant as far as support is concerned, so that’s part of why we can’t break down.

On the other hand, we don’t really have any reason to get completely risk on and start buying Aussie dollars either. I think if you’re a short-term trader, you can continue to go back and forth, taking advantage of the well-defined range that we have been in for a while now. Longer-term traders desperately need to see this market break out of this range.

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This article was originally posted on FX Empire

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