We have a lot of concerns about inflation, and therefore the US dollar will continue to be very noisy.
It’s also worth noting that recently we have seen some very disastrous economic signs, so it will certainly way upon the Australian dollar as it is highly levered to the commodity markets and of course the Asian markets, especially such ones as China.under the should own for support, right around the 0.66 level. I think now it’s worth noting that the market breaking down below there would attract a lot of attention and could open up a move down to the 0.65 level.
A lot of what we are seeing now is noisy and erratic behavior, but I do think that it is more likely than not will continue to see this in decisions. Ultimately, this is a situation where we see upward pressure overall, but one thing that I would point out is that we had recently rallied quite significantly, and now are starting to get choppier.
It typically means there’s somewhat indecisive momentum out there, and that can lead to the market rolling over again. However, if we can get a daily close above the 200-Day EMA, I suspect that people will be out there chasing the market to the upside.
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Source: Daily_Forex - 🏆 567. / 51 Read more »
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