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AUD/USD Weekly Price Forecast – The Australian Dollar Continues to Press Resistance

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The Australian dollar has rallied significantly during the course of the trading week to reach towards the 0.75 handle. The 0.75 handle is an area that will attract a certain amount of attention, but quite frankly we have been in an uptrend for quite some time and the market looks as if it is trying to recover that. The 0.76 level will be crucial, because if we can break above there then I think the momentum continues. On the other hand, we could get a little bit of a pullback, but I would anticipate that the 50 week EMA shows signs of support.

AUD/USD Video 25.10.21

If the US dollar suddenly strengthen against everything, then the Aussie will get hit as well. After all, the market is likely to continue to see a direct correlation to the metals market and the like, so having said that I think we are looking at a scenario where the commodity markets rally in the way they have will continue to be a major driver of where we go next. With this being the case, it is likely that buy on the dip type of mentality continues to be a major player.

Looking at this chart, there is a lot of work to do but it certainly seems as if the buyers are trying to overcome. The noisy behavior will probably continue, but at this point I am much more bullish than I was just last week as we have chewed through quite a few little resistance barriers on the way to current levels.

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This article was originally posted on FX Empire

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