The Australian dollar has gone back and forth during the course of the trading week, showing signs of hesitation and confusion. That being said, the market is very likely to continue seeing a lot of indecision, as there are so many issues in China and that of course has a major influence on risk appetite. Australia is particularly sensitive to the Chinese mainland, and the export situation to that economy. With that being the case, I think you can continue to see a lot of noisy behavior.
AUD/USD Video 27.09.21
I would also anticipate that over the weekend we will probably get some type of headlines over the weekend that could move this market, so I would not be surprised at all to see the Aussie jump or fall apart right at the open. The 200 week EMA is sitting just above, and therefore if we break above there it is likely that we could go looking towards the 0.7450 level. On the other hand, if we break down below the 0.70 level, this is a market that could fall apart and then go looking towards the 0.6750 level.
The market continues to see a lot of noisy behavior, but ultimately this is a market that needs to make a significant decision one way or another. With this being the case, I think that this is a market that continues to see a lot of noisy behavior, but once we get some type of break out from this candlestick, we could get something to follow. Until then, I think the market is likely to be very noisy.
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