AUD/USD Technical Analysis
The Australian dollar has rallied a little bit against the US dollar, but it still sees the 50-day EMA above as a significant barrier. If we could break above that barrier, then it’s possible that we get to the 0.6350 level where I expect to see even more resistance. Underneath current trading, we have the 0.62 level as a bit of support, followed by the 0.6150 level.
Again, I think the Australian dollar is more or less going sideways as we try to determine whether or not the US dollar is going to strengthen again overall. Quite frankly, at this point, I’m going to trade this very much like the Euro. I’m just going to fade rallies that show signs of exhaustion.
