Australian Dollar vs US Dollar Weekly Technical Analysis
You can see that we just don’t have any real drive to break out to the upside. And I think at this point, we continue to see a lot of noisy behavior. And I do think that given enough time, we may try to break higher above the 0.6750 level. That obviously is an area that has been resistant previously.
So I think you need to pay close attention to what’s going on here. Ultimately, this is a market that given enough time, if we do break out, we could go to the 200 week EMA, which is closer to the 0.69 level. If we pull back from here, the 50 week EMA is being supported of the market near the 0.6550 level. Breaking below that could change things rather quickly, but we will have to wait and see how that plays out.
Ultimately, this is a market that has been noisy and doesn’t really know what to do with it. So I think you are probably relegated to shorter term charts because quite frankly, this market is just one that is lost. There is no real drive here one way or the other. Keep in mind that the Aussie is driven by commodities and the US dollar, of course, is driven by safety. So this is more or less a global growth trade maybe, but right now it looks like we’re just stuck in this larger triangle and just don’t have anywhere to be. So really, I look at this more or less as a sideways short-term range bound market.
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This article was originally posted on FX Empire
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