The Australian Dollar vs US Dollar Technical Analysis shows that the Australian dollar tried to rally on Friday but faced hesitation. A hammer formation suggests consolidation and indecision in the market. The area has been noisy and choppy, similar to the end of last year and early January. The question now is which way will the market break – below 0.6650 or above the highs of last week towards the 0.68 level.
The pair is expected to remain volatile with arguments supporting and against both currencies. Geopolitically, the US dollar seems favorable compared to the Australian dollar. However, the strong performance of commodity markets has been boosting the Australian dollar.