Superior broker technology provider since 2010
+1 (315) 675 1086 | Sales@YourOwnBrokerage.com

Aussie Sees Overhead Resistance Yet Again


If the AUD/USD reaches the 0.6650 level, I am looking to sell any signs of exhaustion.

Advertisement

The Australian dollar has been struggling to break above the 0.67 level, a significant resistance and support level over the past few months. Despite the recent pullback, there is still a chance for a bullish move towards the 200-Day EMA around the 0.6850 level. However, breaking through this level and the subsequent 0.69 level will prove to be quite challenging.

On the other hand, if the AUD/USD pair breaks down below the 0.66 level, there may be a significant drop towards the 0.64 level and possibly even 0.62. This potential bearish move may be influenced by global concerns and uncertainties, affecting the Australian economy and its exports.

The Forex market is constantly in flux and affected by various economic and political factors. In this case, the global growth situation and the strength of the US dollar will have a significant impact on the AUD. As the Australian economy relies heavily on exports, any global concerns will likely have a ripple effect on the Forex market.

Therefore, it is important for traders to stay informed and keep an eye on the latest economic news and events. The market is likely to experience choppy behavior in the coming weeks and months as it struggles to find direction amidst uncertainties.

Overall, it is crucial to have a solid trading strategy that can adapt to changing market conditions. By setting realistic goals, managing risk, and using technical analysis, traders can make informed decisions and potentially profit from the market’s volatility. It is also important to stay disciplined and patient, as trading requires a long-term mindset and a willingness to learn and adapt.

While the Australian dollar may face some challenges in the near future, there are still opportunities for traders to profit from the market’s movements. By staying informed and having a solid trading strategy, traders can navigate the Forex market with confidence and potentially achieve their financial goals.

  • As for myself, if the AUD/USD reaches the 0.6650 level, I am looking to sell any signs of exhaustion.
  • The stop will be at the 0.6725 level, with an initial target of 0.6560, moving the stop loss to break even at that point.
  • If the market breaks below the 0.6550 level, then the target moves down to 0.6433 below.

AUD/USD Signal chart

Ready to trade our Forex daily forecast? We’ve shortlisted the best Australian Forex brokers in the industry for you.

Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.


RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.


The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.


The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.



© 2009 - 2024 YourOwnBrokerage.com. All Rights Reserved.