AUD/USD Forecast Video for 09.10.23
Australian Dollar vs US Dollar Weekly Technical Analysis
The Australian dollar has initially plunged during the course of the week, only to show resiliency as we have turned around to form a bit of a hammer. Ultimately, the market continues to hover around the 0.64 level, an area that’s been important more than once. Because of this, I think it makes a certain amount of sense that we are hovering here, trying to sort out where we’re going next. Ultimately, this is a market that still sees a lot of resistance just above, so I’m not overly excited about buying it. If we do in fact continue to see a lot of confusion around the world and concern when it comes to global growth, that cannot help the Australian dollar in this type of environment.
If we break down below the bottom of the candlestick for the week, that would be extraordinarily negative, sending this market plunging. On the other hand, if we could take up to 0.65 level above, there’s a real shot that perhaps we have an opportunity to rally even further. As things stand right now, the bulls still have a lot to prove. With that in mind, I’m looking for short-term selling opportunities that I can get involved in. Whether or not I get them remains to be seen, but clearly we have an environment that favors caution over anything else and therefore one would have to think that sooner or later we will see selling yet again as the safety of the US dollar continues to entice investors.
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This article was originally posted on FX Empire