AUD/USD Forecast Today 11/11: Noisy Trading (Video)

2024-11-11 02:31:43

(MENAFN- Daily Forex)

The Aussie dollar plummeted during the trading session on Friday, as we continue to see interest rates in America cause havoc in the markets.
That being said, now that we have fallen the way we have, I think we are eventually trying to find some type of equilibrium.
We are basically in the middle of the larger consolidation range which I see as having a floor at the 0.65 level and a ceiling at the 0.67 level.
It's also worth noting that the 50-day EMA has offered resistance right along with the 200-day EMA.

With this being the case, I think this is a situation where traders continue to see a lot of questions asked about the Australian dollar and risk appetite in general because the two of course are intertwined most of the time. I think you have to assume that this is a situation where traders are trying to sort out what goes next as far as the global economy is concerned.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

After all we have to look at this through the prism of whether or not people are going to be willing to take risks. I think they will, but think that the bond market in America is causing a lot of headaches for people right now as rates continue to rise despite the fact that the Federal Reserve is doing everything they can to bring them down. Eventually this becomes a problem and causes chaos.

Interest Rates Matter and Move Currencies

Keep in mind, money will flow to where it gets more yield, all things being equal over the longer term. Right now, that certainly seems to be in the United States. Nonetheless, I don't know that anything's changed. We're just doing everything we can to destroy as many trading accounts as possible right now. Because of this, you need to be cautious about your position sizing in this market, and probably all markets to be honest.

EURUSD Chart by TradingView

Ready to trade our AUD/USD
Forex forecast ? Here's a list of some of the best Australian forex brokers to check out.

MENAFN11112024000131011023ID1108873424

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.