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AUD/USD Technical Analysis
The Australian dollar seems pretty lost at this point. We’re just hanging around the middle of the range that we’ve been in between the 0.62 level on the bottom and the 0.64 level on the top. The 50 day EMA is sitting right between that and that’s basically where we’re at, right at 0.63. So there is not much to do here other than observe.
The Australian dollar has underperformed all of the other major currencies that I follow, and therefore if I’m going to buy a currency against the US dollar it’s probably not going to be this one. Rallies at this point in time probably should see quite a bit of selling pressure near the 0.64 level, especially as the 200-day EMA is racing toward it.
