U.S. markets open in 57 minutes
  • S&P Futures

    4,296.00
    -2.25 (-0.05%)
     
  • Dow Futures

    33,862.00
    -11.00 (-0.03%)
     
  • Nasdaq Futures

    13,677.50
    -3.75 (-0.03%)
     
  • Russell 2000 Futures

    2,021.60
    -2.20 (-0.11%)
     
  • Crude Oil

    90.31
    +0.90 (+1.01%)
     
  • Gold

    1,791.00
    -7.10 (-0.39%)
     
  • Silver

    20.05
    -0.23 (-1.12%)
     
  • EUR/USD

    1.0135
    -0.0030 (-0.29%)
     
  • 10-Yr Bond

    2.7910
    0.0000 (0.00%)
     
  • Vix

    19.95
    +0.42 (+2.15%)
     
  • GBP/USD

    1.2032
    -0.0027 (-0.22%)
     
  • USD/JPY

    134.4950
    +1.2230 (+0.92%)
     
  • BTC-USD

    24,064.39
    -84.78 (-0.35%)
     
  • CMC Crypto 200

    573.50
    -17.26 (-2.92%)
     
  • FTSE 100

    7,557.86
    +48.71 (+0.65%)
     
  • Nikkei 225

    28,868.91
    -2.87 (-0.01%)
     

AUD/USD Price Forecast – The Australian Dollar Continues to Attempt a Bounce

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar initially pulled back during the trading session on Thursday, as we have seen a lot of volatility and negativity out there. That being said, we turned around and bounced, but sooner or later, it looks as if the 0.6850 level will be broken. If and when we break it down to that level, then the number to pay close attention to is the 0.68 level, as it is a major support level, and an area that I think will continue to be important.

If we break it down below the 0.68 level, then it’s likely that the market flush is much lower, perhaps reaching the 0.66 level, and beyond. That would be a very negative turn of events, and it could be a huge move lower just waiting to happen. Alternately, we may rally from here, but the 0.70 level should continue to be a huge psychological barrier, as well as structural.

Keep in mind that the Australian dollar is highly levered to the commodity markets, therefore it’s very important that you pay attention to what they are doing. Currently, the only market that looks really healthy is the oil market, so that could be telling us something. If we are about to enter a global slowdown, it’s likely that the Australian dollar will pay the price. After all, Australia provides a lot of hard materials such as copper, iron, and aluminum to the rest of the world. On the other side of the trade, we continue to see the Federal Reserve tighten monetary policy.

AUD/USD Price Forecast Video 01.07.22

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE: