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Home ANALYSIS

AUDUSD rebounds toward 100 hour MA resistance.

A.R Chowdhury by A.R Chowdhury
March 10, 2022
Reading Time: 4 mins read
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AUDUSD rebounds toward 100 hour MA resistance.

AUDUSD

AUDUSD rebounds on risk on flows

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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.
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fell below its 200 day moving average near 0.7316, but fell short of its 100 day moving average near 0.72308. Looking at the hourly chart, the low price stalled near the top the swing area between 0.7242 and 0.72475. The price rebounded into the close but settled just below the 200 hour moving average (green line in the chart above).

In trading today, after sellers initially leaned against the 200 hour moving average in the Asian session, the buyers ultimately were able to extend above that moving average level and pushed the price higher in the early European trading hours.

That momentum helped to take the price back above its 200 day moving average currently at 0.73155 today. The high price also was able to extend briefly above the 100 hour moving average at 0.73301. However, the two breaks above that moving average have run out of momentum fairly quickly and the price has since moved back between the 200 day moving average below at 0.73155 and the 100 hour moving average above at 0.73301.

So the short term battle lines have been drawn against those moving average levels. The buyers are trying to take back more control, but they need to get the price above the 100 hour moving average to increase that bullish bias.

If the sellers are able to push back below the 200 day moving average, we could see another rotation back toward the 200 hour moving average at 0.72902 (and moving higher).

The AUDUSD did get a boost higher last week on higher commodity prices and perhaps the geographically neutral area.. Today, gold is sharply lower in copper is also a bit lower as well.

However the pair is getting a bit of a boost from risk on sentiment. US stocks are sharply higher with the S&P futures implying up 83.25 points. The Dow industrial average is up 600 points, and the NASDAQ futures are up 330 points in premarket trading.

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A.R Chowdhury

A.R Chowdhury

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