AUD/USD Forecast: Aussie Dollar Continues to Trade in a Range

• Although we rallied early in the Wednesday session, the Aussie is still exhibiting a lot of erratic behavior.
• However, there are currently a lot of sellers above who could enter the picture. I believe that the market will remain extremely noisy as a result.

The Aussie Continues to Chop Around, Despite the Rally Today

Early on Wednesday morning, there was a slight increase in the value of the Australian dollar. However, the 0.65 level is currently a region that is providing temporary support. However, we have already succeeded in this area. Thus, in my opinion, it's essentially a target suggestion. If we dive further below this point, we find that many buyers are flooding the 0.6450 level. On the other hand, the 50-day EMA and the 200-day EMA stand in the way of a significant upward move if we reverse course and rally from here. As far as I can tell, the ceiling is at 0.66. If we were to break above there, this market could really take off, but I think that would have more to do with a lot of US Dollar weakness at that point more than anything else.

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I believe that we therefore remain in the range of 0.6450 to 0.66 above. I believe that in general, we go back and forth in this kind of situation, simply trying to see if we can get anything more than a quick trade. Although risk appetite is obviously all over the place right now, I believe that overall, this market will continue to move in tandem with it. However, the Australian dollar is a commodity currency that is heavily influenced by Asia. Therefore, you need to be aware of all of these things at once.

As things stand, I believe there are many unanswered questions about the direction the world is headed. In light of this, it does make some sense. Here, we just move around a lot. I have a pretty neutral opinion of this pair, and I'm not sure what will have to happen for me to feel differently. It's definitely an excellent pair if you're a short-term scalper, but other than that, you might find it challenging to trade for anything significant or large. Because of this, I believe you should trade the Australian dollar with extreme nimbleness and extreme caution regarding your positions.

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