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Home ANALYSIS

AUDUSD runs back up toward the 100 day MA and stalls

A.R Chowdhury by A.R Chowdhury
March 15, 2022
Reading Time: 4 mins read
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AUDUSD runs back up toward the 100 day MA and stalls

AUDUSD

AUDUSD find sellers against its 100 day moving average

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
stalled on its initial fall yesterday, near the 61.8% retracement of the move up from the February 24 low (that level came in at 0.72266) and also just ahead of its 100 day moving average (at 0.7223).

Later in the North American session, both those levels were broken, and the price moved lower.

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The selling continued in trading today with the move stalling near the swing low target at 0.71679 (see red numbered circles). These levels were outlined in the post from yesterday (click here). Sellers test that level twice today. Each time support buyers leaned against the area and stalled the fall..

The last eight or so hours has seen the price rotate back to the upside. That moved to the upside move back toward the 100 day moving average at 0.7220 and the 61.8% retracement at 0.72266. The high price just reached 0.7227 and backed off. The current price trades at 0.7211.

What next?

Stay below the 100 day moving average and the 61.8% retracement, and the technical tilt remains in the favor of the sellers. However with the 0.71679 level finding support buyers, getting below that level is needed to increase the bearish bias.

Drilling to the five minute chart of the AUDUSD below, an interim target level on the downside ahead of the aforementioned low at 0.71679, will be eyed at the rising 100 bar moving average at 0.7302 and the rising 200 bar moving average at 0.71938 (blue and green lines in the chart below).

Looking at the five minute chart, the price based near the 100 bar moving average before moving to the high for the day. The last dip has also found some support buying against that moving average. Move below (and then below the 200 bar moving average) would increase the bearish bias in the short term and have traders focus on the 0.71679 level.

AUDUSD

AUDUSD on the 5 minute chart

The levels have been set. It is up to the buyers and sellers to give the next shove in one direction or the other.

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A.R Chowdhury

A.R Chowdhury

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