AUDUSD Forecast Video for 08.05.23Australian Dollar vs US Dollar Technical Analysis
The Australian dollar has rallied a bit during the trading session on Friday, breaking well above the 50-Day EMA. By doing so, the market looks as if it is going to continue to see a lot of volatility, and downward pressure. This is not a huge surprise at all, considering the fact that the market has seen a lot of negativity over the longer term, and this short-term rally shows signs of fading already. After that action, one would have to assume that we will continue to see the Australian dollar suffer. After all, the Reserve Bank of Australia recently had a surprise interest rate hike, only to see the market fade afterwards.
Jerome Powell has reiterated his desire to stay tight for as long as it takes to bring inflation down, therefore it’s very likely that the economy is going to slow down eventually. Having said that,…
