AUD/USD Price Forecast: Aussie Dollar Continues to See Resistance

from Daily Forex. This is Christopher Lewis taking a look at the Australian dollar. The Aussie dollar has gapped lower to kick off the trading session on Monday, but turned around to rally. That rally was short-lived and we did in fact fall from the crucial 200 day EMA. The 200 day EMA naturally is an indicator that a lot of people pay close attention to and it has offered resistance yet again. If we were to rally from here, the 0.70 level and the 0.7050 level would both be considered potential resistance barriers. Markets breaking above both of those levels could open up a move all the way to the 0.72 level. The market selling off could open up the possibility of a move down to the 0.69 level followed by the 0.6850 level. Ultimately, this is a market that remains very noisy and very choppy and will pay close attention to the interest rate situation in the United States. Australia is of course driven by a lot of commodities and the economy in Australia is highly levered to what's going on in Asia. The Federal Reserve is likely to raise rates again between now and the end of the year by 25 basis points. We'll have to wait and see how that plays out. But as things stand right now, this looks like a market that is still somewhat bearish. It's still looking for that support underneath, which still hasn't been broken. So, we'll see if there is demand closer to the 0.69 level.