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Continues to see Volatility and Overall Nega


The movement of commodities and the prospect of global economic growth will play a significant role in determining the direction of the Australian dollar.

  • The AUD/USD experienced a slight rally during Thursday’s session as it attempted to recover from recent losses. However, the market faces significant resistance above, particularly near the 0.66 level, which was previously a support level.
  • This area holds substantial “market memory” and is likely to attract sellers aiming to push the Australian dollar lower.
  • Examining the chart, the measured move from the previous consolidation suggests that the Aussie could decline toward the 0.64 level. While the 0.64 level should offer support, a break below it would likely lead to a substantial downward move.


In the event of a rally, the 0.66 level would be the first major resistance barrier, followed closely by the 50-Day Exponential Moving Average (EMA). The 50-Day EMA is an important indicator that many traders use to define the quarterly trend. The movement of commodities and the prospect of global economic growth will play a significant role in determining the direction of the Australian dollar. Additionally, the market will be influenced by the strength of risk appetite, which has a considerable impact on the currency.

Overall, the Australian dollar market is expected to remain choppy and unpredictable. It is crucial to exercise caution and carefully manage position sizing due to the market’s skittish nature. The potential for significant account damage exists based on the latest headlines and narratives from financial media. Given the current uncertainties and questions surrounding the market, it is essential to protect trading capital and adopt a defensive stance.

In conclusion, the Australian dollar saw a modest rally during Thursday’s session, attempting to recover from recent losses. However, significant resistance lies ahead, particularly near the 0.66 level. Sellers are likely to reemerge in this area, driven by market memory and the potential for a downward move. The measured move suggests a potential decline toward the 0.64 level. If a rally occurs, the 0.66 level and the 50-Day EMA will act as key resistance barriers. The direction of the Australian dollar will depend on factors such as commodities, global economic growth, and risk appetite. Traders should remain cautious and protect their trading capital, considering the market’s choppiness and the presence of unanswered questions.

Potential signal: The Aussie is still facing headwinds. Furthermore, we have the Non-Farm Payroll announcement on Friday, so I think there will be volatility, offering an opportunity. If we rally near the 0.66 level, I am willing to sell, with a target of 0.6425, and a stop loss of 0.6660

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