AUD/USD Forecast Today - 27/02: Floating Aimlessly (Chart)
Date
2/28/2024 1:15:06 AM
(MENAFN- Daily Forex)
There have been no noteworthy news during the day to get traders excited about much, thus the Australian dollar has been floating aimlessly for the whole of Monday's trading session. As you can see, the Australian dollar did not move much during Monday's trading session and that shouldn't come as a big surprise given the dearth of economic pronouncements that could influence anything, much less the value of the Australian dollar. In other words, this could be a sleeper of a trading session, not only in the Aussie, but everything else.
Small Resistance Above
Remember that the 200-day EMA and the 50-day EMA above act as a small resistance barrier. The 0.65 level, which is below, offers possible support, and I believe that consolidation is what we are looking at in this case. If the downside is breached at the 0.65 level, a decline to the 0.6450 level becomes possible.
The 0.66 level is the upside, and I believe a lot of people will be applying a lot of downward pressure there and the Australian dollar might rise significantly if we can break above that level. Remember that the Australian dollar is extremely susceptible to both the difference in interest rates between the US and Australia, as well as risk appetite . It's also important to remember that China has a significant influence on the movement of the Australian dollar. Furthermore, if China keeps appearing a little boring, that undoubtedly affects the Australian as well. In any case, I believe we have nowhere to go anytime soon due to the circumstances you find yourself in.
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As a result, if you are a range-bound trader, you have a set of very specific levels to trade off of, but at this moment, we simply aren't in close proximity to any of them. To put it mildly, the AUD/USD currency combination is neutral and a little boring. If we do, however, turn upward, that may indicate that the US currency is collapsing globally. Alternatively, a decline through the 0.6450 mark could indicate that the US dollar is getting stronger against all currencies. It is therefore utilized as an indication, but there don't seem to be many trade chances at the moment.
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