AUD/USD Forecast Today - 01/07: AUD Killing Time (Chart)
(MENAFN- Daily Forex)
The Australian dollar initially fell during trading on Friday but turned around to show signs of hesitation. By doing so, the market continues to do a lot of the same noise, and it really at this point in time I think the Australian dollar is something that we need to be very cautious with. After all, the 0.6650 level is an area that a lot of people will have paid close attention to as it is in the realm of a magnet for price.
It is because of this that I think the market continues to look at that as an area where people start arguing again, and it is perhaps worth noting that the 50-Day EMA underneath has offered support during the day, but I do think that there are bigger forces at play here. For example, the 0.67 level above is a major barrier that simply cannot break out and above. Underneath, we have the 0.6575 level offering support, especially now that we have the 200-Day EMA sitting there.
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Slow time of year
Simply put, it's a slow time of year for markets, so you are probably asking a lot out of the Australian dollar to make any type of sustained the move. Keep in mind that a lot of traders are still waiting around to figure out what the Federal Reserve is doing, and that of course has not helped at all. In general, I believe this is a situation where traders will continue to bounce back and forth, and I don't think that you have any type of clarity at this point.
In general, this is a situation where traders have to look at the idea of risk appetite, and whether or not it is strong, or if it is starting to fall apart. If risk appetite starts to pick up again, that could send the market higher, perhaps allowing the Australian dollar to go looking to the 0.68 level, maybe even further than that. After all, the 0.69 level has been important. On the other hand, if we break down below here, and drop below the 200-Day EMA, it's possible that we could challenge the 0.6450 level. As things stand right now, I don't think we have enough momentum to truly send this market in one direction or the other.
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