Yahoo Finance AUDUSD Forecast – Australian Dollar Sits Just Below 200-Day EMA
AUDUSD Forecast Video for 17.04.23
Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has gone back and forth during the trading session on Friday, as we sit just below the 0.68 level. The 0.68 level has been important multiple times, and it also features the 200-Day EMA sitting just above it. That being said, if we can break above there, then the market could really start to build up momentum. That being said, if we turn around and break down below the bottom of the candlestick for the Friday session, then it’s likely that we could go down to the 50-Day EMA. Under there, then the 0.66 level is a situation where we have seen a lot of support recently as well.
Market participants will continue to look at risk appetite through the prism of whether or not the global economy is going to continue to grow, but on the other hand they will also be paying close attention to the Federal Reserve and whether or not monetary policy is going to continue to tighten, or if they are going to have to give way to market forces. At this point, I think there are a lot of questions out there as to what we do next, and therefore it will be interesting to see how this plays out in the long term. Keep in mind that the Australian dollar is very sensitive to the commodity markets, and of course global growth in general.
Another thing to pay attention to when it comes to the Australian dollar is China, as it is so highly correlated with that economy. The markets will continue to be very noisy overall, and therefore you need to pay close attention to how things play out over the next week or so, because we are at an area that is so important. Nonetheless, position sizing and of course a lot of patience will be the best way to approach not only this market, but almost all other ones as well. As the market continues to try to figure out where we are going economically, you can assume that there is going to be much more noise over the next several weeks.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
