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Home ANALYSIS

AUDUSD takes off. Trades to highest level since July 2021

A.R Chowdhury by A.R Chowdhury
April 4, 2022
Reading Time: 3 mins read
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AUDUSD takes off. Trades to highest level since July 2021

AUDUSD

AUDUSD breaks out of the confined trading range

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
has broken higher, extending above the recent swing highs between 0.7535 and 0.75394 from March and also outside of the 90 pip trading range that has confined the pair since March 22 (9 trading days).

The price has also moved above the October 2021 high at 0.75549 taking the pair’s price to the highest level since July 2021. The high price has ticked up to 0.75557 so far.

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Close risk is now the highs from March between 0.7535 and 0.7539. Stay above that area and the buyers on the break higher remain comfortable. Move below and they could get a little bit more nervous on the failed break.

Looking at the daily chart, the pair is within a swing area between 0.7540 and 0.7560. Move above the upper extreme of that swing area, and traders will start to target the 61.8% retracement of the move down from the February 2021 high at 0.76094.

AUDUSD

AUDUSD on the daily chart
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A.R Chowdhury

A.R Chowdhury

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