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Home ANALYSIS

EURAUD the weakest of major crosses today

A.R Chowdhury by A.R Chowdhury
April 4, 2022
Reading Time: 5 mins read
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EURAUD

EURAUD is testing the swing lows from 2022

The AUD and the EUR are the runaway strongest and weakest of the major  currencies 
Currencies

Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the population that uses that currency.For example, the United States dollar, (symbol $, code USD), or the British pound sterling, (symbol £, code GBP), also known as fiat money, since they are not linked to any specific asset, such as gold or silver. Such metals were traditionally used as the main method of payment, since they held real and actual value. Even after the introduction of paper notes, many countries maintained a gold standard for much of the 20th Century, meaning a unit of money could be exchanged for a fixed amount of gold. How to Trade Currencies?The modern world, with the invention of electronic networks, computers and the internet, has allowed the transfer of money to occur almost instantaneously. It has also spawned a new era in currencies, including digital money, such as Bitcoin and Litecoin. Not backed by any government, but based on a complex set of mathematical software algorithms, the ubiquity of the internet has generated interest and uptake of digital currencies, whilst providing relative anonymity. Digital currencies can now also be traded online, via exchanges and brokers, similar to trading foreign currencies, known as the foreign exchange market. Forex is the world’s largest market, with over $5 trillion turnover per day, where fiat, floating currencies are bought and sold against other currencies, such as the euro vs the dollar (EUR/USD), and the British pound vs the Japanese yen (GBP/JPY).

Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the population that uses that currency.For example, the United States dollar, (symbol $, code USD), or the British pound sterling, (symbol £, code GBP), also known as fiat money, since they are not linked to any specific asset, such as gold or silver. Such metals were traditionally used as the main method of payment, since they held real and actual value. Even after the introduction of paper notes, many countries maintained a gold standard for much of the 20th Century, meaning a unit of money could be exchanged for a fixed amount of gold. How to Trade Currencies?The modern world, with the invention of electronic networks, computers and the internet, has allowed the transfer of money to occur almost instantaneously. It has also spawned a new era in currencies, including digital money, such as Bitcoin and Litecoin. Not backed by any government, but based on a complex set of mathematical software algorithms, the ubiquity of the internet has generated interest and uptake of digital currencies, whilst providing relative anonymity. Digital currencies can now also be traded online, via exchanges and brokers, similar to trading foreign currencies, known as the foreign exchange market. Forex is the world’s largest market, with over $5 trillion turnover per day, where fiat, floating currencies are bought and sold against other currencies, such as the euro vs the dollar (EUR/USD), and the British pound vs the Japanese yen (GBP/JPY).
Read this Term
today. That makes the EURAUD the biggest cross currency pair.

That pair is currently down -1.26% and trending lower.

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Looking at the hourly chart, the pair initially moved a bit higher in the Asian session, staying above the 200 hour MA (green line currently at 1.4715) in the process, but then moved below the MA level and started the descent to the downside. The low price just reached 1.4549. That low is below the March 7 swing low at 1.45626, but above the March 28 low at 1.45342.

Moving below the March 28 low at 1.45342 would take the price to the lowest level since July 2017 (the weekly chart below).

There is a low risk trading opportunity for the buyers against the swing low area. If support can hold, it could break the back of the trend move lower today and lead to a corrective move to the upside, with limited risk for the dip buyers against the 1.45342 level.

What would give buyers more confidence?

Looking at the 5- minute chart below, the price consolidated between 1.4638 and 1.4662 before it’s last leg move to the downside today. The 38.2 – 50% retracement of that move to the downside comes in at 1.4592 up to 1.4605. That is the correction zone is that if the price can move back above intraday, it would give the buyers more comfort that the low is in place. After that a move above the falling 100 bar moving average would be the next target.

Absent that, and the sellers/trend remains in firm control.

Of note on the five minute chart is the price consolidation above and below the 100 and 200 bar moving averages in the Asian session, gave way and the price stay below those moving averages paving the way for the downside potential. That potential showed a strong bias to the downside as the selling accelerated.

EURAUD

EURAUD is trending lower today
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A.R Chowdhury

A.R Chowdhury

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