ASX 200 positive start. Up 0.96% to 7348.30 in early trading


The ASX200 will have to exceed the MA of 200 days

Australia’s ASX200 opens higher with a 0.96% gain at 7348.30.

Looking at the daily chart, the index rose yesterday to test the 100/200-day MA at 7280 and 7333.2 respectively. However, the price was unable to sustain its momentum above the upper 200 hourly moving average (green line) and retraced lower on the close.

With a higher open and price at 7348.30, the index extended above the 200-day moving average at least in early trading. This gives buyers more control. If the price can stay above, traders would think to run towards the all-time highs of 2021 and early 2022 near the 7620 – 7632 area.

Meanwhile, crude oil futures rose about a dollar to $113.12 a barrel.

/ AUDUSD

AUD/USD

AUD/USD is the currency pair comprising the Australian Commonwealth of Australia Dollar (symbol $, code AUD) and the United States of America Dollar (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one Australian dollar. For example, when AUD/USD is trading at 0.7500, that means 1 Australian dollar equals 0.75 US dollars. The Australian dollar (AUD) is the fifth most traded currency in the world, while the US dollar (USD) is the most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 1 pip to 3 pip. on most forex brokers. AUD/USD Popular Among Different Types of Traders Many traders consider the AUD/USD to be perhaps the most consistent currency pair when it comes to swing trading, as it has often moved in consistent cycles. That said, each pair presents its own challenges. for traders. AUD/USD is very popular with swing traders, with the four-hour timeframe being, at least historically, more reliable than the others. Historically, AUD/USD has been influenced by interest rate differentials, commodity prices, government credit ratings, as well as general sentiment and speculation.

AUD/USD is the currency pair comprising the Australian Commonwealth of Australia Dollar (symbol $, code AUD) and the United States of America Dollar (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one Australian dollar. For example, when AUD/USD is trading at 0.7500, that means 1 Australian dollar equals 0.75 US dollars. The Australian dollar (AUD) is the fifth most traded currency in the world, while the US dollar (USD) is the most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 1 pip to 3 pip. on most forex brokers. AUD/USD Popular Among Different Types of Traders Many traders consider the AUD/USD to be perhaps the most consistent currency pair when it comes to swing trading, as it has often moved in consistent cycles. That said, each pair presents its own challenges. for traders. AUD/USD is very popular with swing traders, with the four-hour timeframe being, at least historically, more reliable than the others. Historically, AUD/USD has been influenced by interest rate differentials, commodity prices, government credit ratings, as well as general sentiment and speculation.
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