Australian Dollar vs US Dollar Technical Analysis
The Aussie dollar has gone back and forth over the last couple of weeks. And the Friday session looks like it’s just more of the same nonsensical slop. The 0.6650 level seems to be a bit of a magnet for price as we continue to rise above and below it, but always find a way to get back here.
The 0.66 level underneath offers support, especially near the 200 day EMA, which is just below it. The 0.6725 level above is resistance, and therefore I think you have a situation where we are just bouncing around in this area. We do get inflation numbers on Friday, but I don’t think anybody cares at this point, and it’s almost as if they’ve just walked away from the currency markets.
The major currency pairs all for the most part look range bound in tight ranges. And of course, the Australian dollar is a major currency. If and when we finally break out of this range, we may get a bigger move that’s worth following, but otherwise you’re going to be relegated to short-term charts and trading back and forth in somewhat micro movements.
The Australian dollar of course is highly levered to commodities so you can pay attention to that as well. But it just doesn’t seem like we have anywhere to be nor do we have any clarity. With this, I think the market is likely going to stay in this range, at least for the short term. Once we do break out of it, then we can look for something a little bit more substantial, like a 100 point range move but we just don’t have the momentum right now.
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This article was originally posted on FX Empire
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