AUD/USD Forecast 24/09: Aussie Dollar Continues To Stabilize

(MENAFN- Daily Forex)

• The Aussie dollar has gone back and forth during the early hours here on Tuesday. As we are trying to find a certain amount of momentum to eventually go higher. All things being equal. This is a market that will be very sensitive to risk appetite. After all, the Australian dollar is a commodity currency and it's also a currency that's very sensitive to Asia, which of course is sensitive to overall growth.
• All things being equal. This is a market that had shot straight up in the air to reach the 0.67 level only to collapse the 0.6550 level is an area that previously had been important, and it also attracts the 50 day EMA. So, with the 50 day EMA sitting there offering support, I do think it is a little bit of a floor in this market, but over the longer term, I think you also have to look at this through the prism of a market that I think is going to move right along with the risk appetite.

Risk Appetite and the Australian Dollar

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So, if we start to see other markets sell, then the Aussie probably sells right along with it as the US dollar will be used as a safety currency. We are trying to stabilize in the short term, so I think we're still pretty much neutral, but this is basically where you would want to see the buyers come in to push the Aussie higher. Earlier in the day, it looked like the US dollar was in a bit of trouble, but it has fought back a little bit. So, I find that interesting. Watch the area we're in right now because that could dictate the next 150 pips in this market. Also, keep an eye on the US dollar overall, as it does tend to move in the same direction across multiple pairs.

EURUSD Chart by TradingView

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