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AUD/USD Weekly Price Forecast – Australian Dollar Continues to Struggle With same Photo

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·2 min read
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The Australian dollar initially pulled back during the course of the week but then shot towards the upside to go looking towards the 0.78 handle. This of course is an area where we have seen a bit of resistance as of late, and it certainly has been a bit like a “brick wall” in general. All things been equal, this is a market that is shopping around in a consolidation zone and cannot seem to get above there. Furthermore, we have seen more bullish pressure than bearish as of late, so I do think that we are trying to break out to the 0.80 level, despite the fact that a couple of monthly candlesticks have looked horrible.

AUD/USD Video 10.05.21

To the downside, it is very possible that you see quite a bit of support near the 0.76 level that extends down to the 0.75 handle. All things been equal, this is a market that looks bullish but the 0.80 level above is a massive resistance barrier on the monthly charts, and if we can break above there then it is likely that we could go looking towards the 0.90 level longer term. At this point in time, that looks to be very difficult to do so I think we simply chop around in the short term consolidation region. All things been equal, I do think that this is going to be based upon the reopening trade and of course the idea of inflation as the US dollar gets hammered due to all of the massive amounts of stimulus and spending by the Americans.

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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