Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

AUDUSD is the strongest of the majors and trades to a new session high

A.R Chowdhury by A.R Chowdhury
March 17, 2022
Reading Time: 4 mins read
0
AUDUSD is the strongest of the majors and trades to a new session high

AUDUSD

AUDUSD bases off it’s 200 day moving average/50% retracement

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

The  AUDUSD 
AUD/USD

The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation.

The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation.
Read this Term
peaked most recently on March 10 and March 11 at 0.73675. Three days later, the price move down to 0.71645. Three days from that low, the price is back up near the swing highs from the March 10/March 11 highs (the prices currently trading at 0.73587).

Down and back up.

Today, the price was able to move back above its 200 day moving average and 50% midpoint of the range since the March 7 high. Both those levels came in at 0.73025. Of significance is that the price based against those technical levels before making the next run to the upside over the last eight or so trading hours. That level is now a key risk level going forward.

The high price is currently trading at session highs at 0.7358. The down and up lap from the March 10/March 11 high is completed at 0.73675. Traders could lean against that level with stops on a break above.

Also near that swing high level sits other swing levels going back to March 4 and March 7 at 0.7374 and 0.73979 (see red numbered circles and topside yellow area).

Move above those levels, and the price enters the extreme area from the month. The high price in March for the AUDUSD extended to 0.74405. After breaking and running to that high on March 7, buyers turned to sellers, moved back below the 0.7374 area, and trended more to the downside.

Needless to say, the pair has been on a roller coaster.

Fundamentally, the move lower was helped by declining China stocks and risk off sentiment. The most recent move to the upside over the last few days has been helped by a rebounding Chinese stock market (after the central bank and government said they would support the economy and the stock market). Today the price high was helped by stronger than expected jobs report (that news took the price back above the 100 day moving average/50% level).

So the pair is certainly influenced by headline news. That can change over time, but the technicals remain in play and are providing traders with risk defining and bias shifting levels.

Right now, staying above the 200 day moving average and 50% retracement is a solid support and risk defining level. Absent a move below those levels, buyers are more in control, and traders will be eyeing the swing area up to 0.73799 before the extreme high at 0.74405.

ADVERTISEMENT – CONTINUE READING BELOW

Source link

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post
USDCAD after straddling the 100 day moving average, moves below and stays below

USDCAD after straddling the 100 day moving average, moves below and stays below

Gold rebounds and retests the falling 100 hour MA

Gold rebounds and retests the falling 100 hour MA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

USDCHF near unchanged after down and up day

USDCHF near unchanged after down and up day

September 15, 2020

Dollar moves lower across the board

August 10, 2020

AUDUSD trades above and below hourly MA as the ups and downs continue today

April 1, 2022

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.