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The Australian dollar<\/a> initially shot higher during the course of the week, but found enough resistance near the 0.6750 level, before breaking down rather drastically. After all, the RBA chose not to raise interest rates this past week, and therefore it sent the Aussie plunging. However, the jobs number on Friday has disappointed as far as jobs added, so we\u2019ve seen the US dollar get hammered. The 0.66 level continues to be important, so to be interesting to see whether or not we can stay above it.<\/p>\n<\/div>\n<\/div>\n All things being equal, I think we continue to see a lot of sideways action in general, but I also believe that it favors the downside. I think it\u2019s going to be difficult for longer-term traders to make any real money in this market, but when you get short-term rallies, you probably start selling short-term signs of exhaustion. The 50-Week EMA sets just above the candlestick, and therefore it\u2019s likely that we continue to see choppiness.<\/p>\n If we do break above the 50-Week EMA, then it\u2019s likely that we could go looking for the 0.69 level, which is an area where we\u2019ve seen a lot of trouble previously, where the double top hat form. I just don\u2019t see that happening, but it is something that you need to keep in the back of your mind. Interest-rate differential still favors the US dollar, albeit somewhat slightly. In other words, I don\u2019t even think there\u2019s any type of interest rate differential play here, I think it\u2019s just an opportunity to trade whether or not the commodity markets are going to rally, or if there\u2019s going to be growth out there.<\/p>\n For a look at all of today\u2019s economic events, check out our\u00a0economic calendar<\/a>. <\/b><\/p>\n<\/div>\n<\/div>\n