AUD/USD Price Forecast: Doji high guards bulls as Fed bets bite
The AUD/USD ended the day in the green but finished the week 0.45% lower amid growing bets that the Fed will raise rates next week, boosting the US Dollar. Nevertheless, on Friday, the pair traded at 0.7171, up a decent 0.38%.
AUD/USD Price Forecast: Technical Outlook
From a technical perspective, AUD/USD closed the week on the back foot, but the daily chart suggests a possible consolidation lies ahead.
Momentum, as measured by the Relative Strength Index (RSI), is bullish, indicating further upside.
Although the market structure points to higher prices, buyers must clear the high of the ‘doji’ formed on September 9 at 0.7237. In that outcome, the next ceiling level will be the May 6 high at 0.7277. Above, the next area of interest is the 0.7300 milestone.
In a bearish scenario, if AUD/USD dives below the September 11 low of 0.7150, a move towards 0.7100 is on the cards. The next downside levels will be the 100-day Simple Moving Average (SMA) at 0.7080, followed by the 50-day SMA at 0.7066.
