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Home ANALYSIS

AUDUSD looks to close the day back below its 100 day moving average

A.R Chowdhury by A.R Chowdhury
March 14, 2022
Reading Time: 4 mins read
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AUDUSD looks to close the day back below its 100 day moving average

AUDUSD

AUDUSD moves below its 100 day MA

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
moved lower into the North American session but found support buyers against its 100 day moving average (and 61.8% retracement of the move up from the February 24 low). After spending six or so hours with buyers leaning against that key moving average, it was eventually broken (see earlier post).

That break, led to more selling as buyers against the moving average, turned to sellers below the moving average (see hourly chart above). The next key target on the hourly chart comes in at the 0.71679 level. The low corresponds with the swing lows from February 28, and also a swing low level going back to February 24

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Taking a broader look at the daily chart below, back in January and again in February, the price tried to move above its 100 day moving average only to fail fairly quickly. Finally, on February 28 the price broke above and stayed above until today.

The move back below the 100 day moving average is a more bearish move technically. Stay below keeps the bears fully in control.

On the daily chart the major target area comes between 0.7079 and 0.71038 (see yellow area and red numbered circles on the chart below). That area would be the next target if the support from the hourly chart at 0.71679 is broken.

AUDUSD

AUDUSD falls below its 100D MA for first time since Feb 25

The move below the 100 day moving average is a key technical break. It tilt the bias more in favor of the sellers. Stay below and there should be more downside probing with hourly support targeting 0.71679. On the daily chart, the area between 0.70799 and 0.71038 is the next major target support.

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A.R Chowdhury

A.R Chowdhury

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