AUDUSD retraces declines after finding support near former March high


AUDUSD bounced off a former high today.

the AUDUSD

AUD/USD

AUD/USD is the currency pair comprising the Commonwealth of Australia’s Australian 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 Commonwealth of Australia’s Australian 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.
Read this term declined with USD buying and “risk off” sentiment.

The downward move saw the pair move towards a swing zone between 0.7420 and 0.7429. This area was a ceiling going up from March 7 to March 21 (see numbered green circles).

AUDUSD’s upward push has now seen price move into a swing zone between 0.7449 and 0.7455 and is turning towards a floor that held price support from March 24th until yesterday (with a rapid drop below on March 29). This area lies between 0.7465 and 0.74712. This zone is also home to 38.2% of the upside from the March 15 low at 0.74712.

The current price is trading at 0.7456.

For the week, the pair hit its highest level since June 16 on Tuesday. The move came after the RBA turned to a crunch in June and changed biased language in its statement (see post here).

This news lifted AUDUSD price above the 61.8% move lower from the 2021 high at 0.76094. This rise was also technically aided by the move above the October 28 swing high at 0.7555. However, the price was back below that level on Wednesday and even lower yesterday and today. The move up on the RBA has been completely wiped out and more.

Now, the rebound hints that the decline may have been reached. Everything will depend on the aforementioned resistance up to 0.74712. Break above that level and we may see more shorts coverage on the reversal today.

AUDUSD

AUDUSD Reversed Earlier Gains This Week


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