Yahoo Finance AUD/USD Forecast – Aussie Continues to See Some Stagnation
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has shown itself to be somewhat hesitant at this point as we are trying to break out of a major triangle. With that being said, the market looks as if it is trying to build up enough pressure to go higher. But I think we may have to pull back a little bit due to the fact that we expended so much effort and energy to get here. The 0.6750 level is an area where we had seen a lot of resistance at. So if we can break above that level, then I think the Australian dollar continues to go quite a bit higher.
At that point in time, the market probably goes looking to the 0.6850 level, which was the swing high before. Short-term pullback should see plenty of support near the 0.6650 level, which is also backed up by the 50-day EMA, which of course is an indicator that a lot of people pay attention to.
I think the Australian dollar is going to continue to be somewhat lackluster, but maybe more positive than negative, as we have seen over the last several months. It is driven mainly by the commodities markets, and therefore you have to pay attention to those, but you also have to keep an eye on global growth. Is global growth going to pick up or fall apart? That would be your question. As things stand right now, I think a lot of people are starting to bet on the idea of the Federal Reserve loosening rates, but the question is how many times will they do it between now and the end of the year, et cetera. So, I think you continue to see tentative bullish pressure on pullbacks.
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This article was originally posted on FX Empire
