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Home ANALYSIS

AUDUSD retracing the declines after finding support near old ceiling from March

A.R Chowdhury by A.R Chowdhury
April 8, 2022
Reading Time: 4 mins read
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AUDUSD

AUDUSD bounced off an old ceiling 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
moved lower with the USD buying and “risk off” sentiment.

The move lower saw the pair move to a swing area between 0.7420 to 0.7429. That area was a ceiling going back to March 7 to March 21 (see green numbered circles).

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The push higher in the AUDUSD has now seen the price move through a swing area between 0.7449 to 0.7455 and looks toward a floor that held the price support from March 24 to yesterday (with one quick dip below on March 29). That area comes between 0.7465 to 0.74712. That area is also home to the 38.2% of the move up from the March 15 low at 0.74712.

The current price is trading at 0.7456.

For the week, the pair did run up to the highest level since June 16 on Tuesday. That move came after the RBA shifted toward a June tightening and tweaked bias language in their statement (see post here).

That news took the AUDUSD price above the 61.8% of the move down from the 2021 high at 0.76094. That run higher was also helped technically by the move above the swing high from October 28 at 0.7555. However, the price was back below that level on Wednesday and again lower yesterday and today. The move higher on the RBA was completely erased and then some.

Now the bounce is hinting the downside may have been reached. Much will depend on the aforementioned resistance up to 0.74712. Get above that level and we could see more covering from the shorts on the reversal today.

AUDUSD

AUDUSD reversed earlier gains this week
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A.R Chowdhury

A.R Chowdhury

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