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AUD/USD Price Forecast – Australian Dollar Continues To Chop Around 200 Day EMA

Christopher Lewis

The Australian dollar has gone back and forth during the trading session on Friday, as we continue to see a lot of back and forth when it comes to risk appetite. That being said, the Australian dollar continues to hang around the 200 day EMA and it is very likely that the longer-term traders will be paying attention to this, and the fact that the last week has been so choppy tells me that we are in the process of trying to decide where to go next, and that of course could be a scenario that keeps the market noisy but eventually making a significant move. All things being equal, I believe that this market will give us plenty of opportunities to go along, and we are in the midst of a trend change which is always a very difficult and messy situation.

AUD/USD Video 20.01.20

A significant pullback could calm, but as long as we can stay above the 0.68 level, I feel that there are plenty of buyers to keep this thing afloat. The market continues to form a shooting stars and hammers back to back, and that shows a lot of confusion. Ultimately, this is a market that I believe is trying to go much higher but anytime something like this happens it takes quite a bit of time. A trend change is a long-term affair, and the fact that we have broken above the 200 day EMA recently, and the fact that we have broken above a downtrend line both suggests that there could be a nice opportunity for an investment to the upside.

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This article was originally posted on FX Empire

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