AUD/USD Price Forecast – Australian Dollar Continues In Same Range
The Australian dollar rebounded somewhat during Friday's trading session as we continue to trade between the 0.7250 level and the 0.7350 level. Ultimately, this is a market that continues to fluctuate a lot as the Australian dollar naturally poses a risk to the currency and at the same time many people are concerned about the risk appetite right now. If we look at the chart and we fall below the 0.7250 level, it is likely that we could move towards the 50-day EMA. Because of this, I think we would most likely see an attempt to drive the market higher from this point on. If we collapse down there, it is likely that we will head towards the 0.71 handle. There are roughly 100 pips worth up to 0.70.
AUD / USD Video 11/23/20
Looking at this graph, I think pullbacks are likely to be bought because the Australian dollar has been so robust. Furthermore, people just don't seem to care that the Reserve Bank of Australia is so loose with its monetary policy because, frankly, it could be close to the end of the rate cut cycle. Additionally, people expect the Federal Reserve to do something pretty big sooner or later, so that could come into play as well. Australian employment numbers have been very strong this week and the Aussie should continue to push higher.
Whether we can break out now or not is a whole different story because, unfortunately, Australia is also tied to the global economy as it is a commodity currency. Pay attention to commodities in general, they should give you a little bit of clue as to where this market could be headed.
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This article was originally published on FX Empire
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