AUD/USD FORECAST FOR THIRD WEEK OF MARCH

The FOREX market is one beautiful market I do like to analyse for the benefit of traders who are looking up to this sector in order to make a fortune.

As much as you can make tremendous profits here, you can as well make crazy losses and the only difference between these outcomes is information.

Tangible information that can help you succeed in this sector includes technical and fundamental analytic tools as these tell you what to expect in future.

Today, I will want us to focus our attention on the AUD/USD market and hopefully, we can come out smiling at the end of the third week of this month.

As at the time of writing this article (10-03-21), AUD was trying to rally but got stuck against a solid resistance and it is above the 50 day EMA which makes it very difficult to reach the 0.7650 level.

There is also good news here because the market seems to be edging towards a critical support level of 0.76 but it is okay to be skeptical about the short term due to the shooting star sign formed last month (February 2021).

Your focus should be on the major resistance at 0.80 to 0.81 as these are massive resistance levels.

If such a resistance is met, then you can take a very positive outlook as the AUD will experience a massive positive change in price.

In the case where the beers win this battle, then expect the price to fall below 0.70 but this is highly unlikely for the third week of March.

The CBA recently announced its projection for end of March which pitched AUD/USD at 0.76 and this means that there wont be any massive change in price in the short term.

The long term picture is great because the world is gradually recovering from the Corona virus crises and these could mean increased demands of goods from Australia to China.

In summary, AUD/USD should be a good buy though I expect a to and fro movement with an average price sitting around 0.76 for the weeks to come but keep your eyes set on the resistance and support levels as this could change the tide.

Abah Sunday is an influencer analyst and has been trading FOREX and assets in general for about a decade now.