AUD/USD Forecast Today 25/10: Bounce From Key Support -Chart
Date
10/25/2024 4:21:05 AM
(MENAFN- Daily Forex)
During my daily analysis of the AUD/USD pair, the first thing I notice is that we are at least trying to bounce. That being said, the Australian dollar continues to struggle overall, as we have seen a lot of“risk aversion” around the world, and that has a major influence on the Aussie dollar itself. After all, the Australian dollar is likely to continue to be attracted to the idea of whether or not the global Economy is going to continue to see a lot of movement, or are we starting to slow down a bit? If we do in fact slow down globally, that typically means that people will look to the US dollar for safety.
Technical Analysis
The technical analysis in this market is a bit mixed, as it is probably leaning more toward negativity. However, we are sitting on top of massive support in the form of the 0.66 level, so there is always going to be the possibility of a bounce, but if we were to break down below the 0.66 level, the market is likely to continue to collapse. In that environment, I think the market could go down to the 0.6450 level.
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On the other hand, if we were to break above the 200 Day EMA, then it opens up the possibility of a move to the 50 Day EMA near the 0.67 level. Anything above there then it has the Australian dollar looking very bullish, but I think at that point in time you would need to see the US dollar falling overall, and it would probably be a huge move across the board in the Forex markets. That being said, this is a scenario where we had sold off so drastically that a little bit of a“relief rally” could come into the picture, and I think at this point in time we should see enough pressure above to keep the market somewhat sedated, and if we get signs of exhaustion after a short-term bounce, it could be an opportunity to pick up“cheap US dollars.”
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