The Australian Dollar versus US Dollar saw some volatility during Friday’s trading session. The Aussie dollar initially attempted to rally, but took a hit after a stronger-than-expected jobs report was released. Currently, the currency pair is testing the 50 day Exponential Moving Average (EMA) and the bottom of the established range.
It is important to note that shorting at this point may not be the best strategy, as we have not yet broken below the 200 day EMA. Doing so would provide a stronger argument for shorting. The 0.6650 level seems to be acting as a magnet for price, making it a potential short-term target. If this level is breached, the next target could be the 0.6725 level, which marks the top of the range.
The Australian dollar’s performance is heavily influenced by commodity prices and news from the Federal Reserve regarding potential rate cuts. Investors should keep an eye on these factors as they continue to impact the currency’s movement.