AUDUSD Weekly Forecast – Australian Greenback Slams into the 200-Week EMA
AUD/USD Forecast Video for 30.01.23
Australian Greenback vs US Greenback Weekly Technical Evaluation
The Australian dollar has rallied fairly considerably through the buying and selling week, slamming into the 200-Week EMA. The 0.71 degree has been a little bit of a barrier, however I feel at this level it in all probability has extra to do with momentum being stretched. At this level, it’s possible that we might see slightly little bit of a pullback, however I don’t essentially need to get brief anytime quickly, as a result of fairly frankly as different currencies moreover the US greenback go, I think that the Aussie might be going to be one of many massive winners.
Remember that China is reopening, and that does drive the opportunity of base metals screaming greater, and that after all is bullish for the Australian greenback as Australia provides a lot in the best way of those metals to China for its building and consumption. In different phrases, Australia does have fairly a little bit of bullish habits behind it. Nevertheless, if the US greenback begins to strengthen, that would put downward strain on the spare, however I feel if the US greenback instantly turns into a robust forex once more, the Australian greenback might fall, however I feel it should fall a lot slower than a few of the different forex such because the New Zealand greenback.
If we break above the 200-Week EMA, then the Aussie might go look into the 0.73 degree, however at this level I feel we’re slightly bit overstretched, and due to this fact a pullback does make a specific amount of sense, however I feel it will likely be way more gentle than most of the different weekly charts that I take note of.
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This article was initially posted on FX Empire