The 200-day EMA also seems to be offering some resistance, so it all ties up quite nicely. Whether that’s true or not is another question entirely, but I think it’s at least worth further investigation. AUD/USD had a very difficult session on Thursday as we saw the market retrace the entire channel to the previous uptrend. At this point, we have to make a serious decision about where we are going long-term, and we are threatening the 0.67 level as we write this article. Advertisement Do you have a place to try? Don’t wait! Trade AUD/USD Now There is also a 50 day EMA below this which is fast approaching so there is some argument for technical support in this area. If we break it all down, it could be very negative for the Australian dollar, which makes some sense given that the global economy is slowing and Jerome Powell was adamant at the post-FOMC press conference. on wednesday Keep the commodity market. Even if China reopens, the reality is that China’s reopening probably already has a price in Australian dollars. Well, we’ve seen a big move higher, but if you look at the long-term charts, it’s just a nice bounce in a bear market. The 200 day EMA also seems to be offering some resistance so it all ties together quite nicely. Whether that’s true or not is another question entirely, but I think it’s at least worth further investigation. Remember that the Australian dollar is heavily influenced by commodity markets, so you need to keep an eye on that as well. If we continue to see a lot of negativity in the world, it is very likely that this couple will seriously break up. In this scenario, I think the Aussie could find itself at the 0.65 level pretty quickly. At this time of year, don’t stay too big in any position and make sure you get out of your stop losses quickly enough. While this may partially follow, the reality is that the market can go against you based on some kind of random news, as liquidity begins to disappear next week. All things being equal, this has been a nice run in the bear market, but it may be over.