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AUD/USD Price Prediction – Australian Dollar Test Support

Technical analysis of the Australian dollar against the US dollar

The Aussie dollar initially dipped in Friday’s session, dropping below the 0.69 level. However, there is a “spongy support zone” in this general vicinity, so it makes sense that we bounced from there. Whether or not we can hold remains an open question, but if we break below the 0.6850 level, I think it opens up the possibility of a move to the 0.67 level, an area that has been important Many times.

On the other side of the equation, if we can remove the 0.70 level, it is likely that we will be looking to hit the 200-day EMA again, currently sitting near the 0.7140 level and falling. . Either way, it will be a very volatile and choppy market, but the same can be said for all markets. Frankly, there’s nothing too compelling for trading right now, as it’s one of the slowest times of the year. Also, we have a lot of confusion and not a lot of conviction when it comes to directionality. I still believe in the US dollar at the moment, but I also recognize that we have sold the other currency so much that a rebound might be somewhat inevitable.

The real signal could be if the EUR/USD pair can finally fall below parity on the daily close. If that happens, there will likely be a run in the US dollar once again. Regardless, I would view rallies in the AUD/USD pair as potential selling opportunities given the current state of affairs.

AUD/USD price prediction video for 22.08.22

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