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AUD/USD Price Forecast – The Australian Dollar Continues to Probe the Lower

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Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has fallen again during trading on Wednesday as we continue to see a lot of volatility in the Forex markets. The US dollar remains the strongest major currency out there, so it does make a certain amount of sense that the Odyssey will fall against it. That being said, market participants are particularly vulnerable to whiplash right now, as it seems like no matter what we do, we cannot get any sense of stability.

There are a lot of concerns about the global economy, which could work against the Australian dollar as it is so highly levered to growth. That being said, I would be very cautious about putting too much money into the market, but it certainly looks as if you are going to be fading rallies on the first signs of exhaustion. Ultimately, if this market bounces from here, I would anticipate that somewhere around 0.70 level we would see sellers again, and I would be more than willing to jump up on the bandwagon.

If we break down below the 0.68 level, it’s very likely that we will go much lower at that point, as it is a major area on longer-term charts. With this in mind, pay attention to signs of exhaustion as they could give you an opportunity to pick up “cheap US dollars.” On the other hand, if we were to break above the most recent high at the 0.7650 area, then you would have to assume that the Aussie may go looking to reach the 0.7150 level after that.

AUD/USD Price Forecast Video 23.06.22

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

This article was originally posted on FX Empire

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