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 on Friday and Monday moved up to test the 100 day MA (currently at 0.6687) after a sharp trend move higher on Thursday and Friday.
During trading yesterday, the price moved away from the 100 day MA, but it did not come without a rotation back to the downside on the back of the rockets flying through the air in Ukraine, with one (ended up being friendly fire from Ukraine), that crossed the border into Poland killing two. However, buyers did lean ahead of the 100 day MA, and bounced higher.
Since then, the price action today is back to down, up and back down. The high today stalled ahead of the high from yesterday at 0.6797. The high reached 0.67923 before backing off.
The current price bar on the hourly chart reached 0.67404. The lows for the day reached 0.6729.
So what next?
Admittedly, the price action is choppy. There is apprehension above ahead of the high from yesterday. There is apprehension below. There is a swing area between 0.67168 and 0.67294. Below that comes the sharply rising 100 hour MA and the flat 100 day MA. They are near converged at 0.6687 area. Moving below those levels would hurt the bullish bias for the pair and have traders thinking more to the downside.
ON the topside, holding the swing area and staying away from the MAs would be the best scenario on a dip, but getting above the highs is still needed to give the buyers more confidence for more upside momentum.
Taking a broader look at the daily chart, the 38.2% of the move down from the 2022 high comes in at 0.6739 which is ahead of the lows today. If that level in the short term can hold support intraday, it would represent more of positive bias spin. The 0.6828 to 068597 are upside targets on more upside momentum.
PS the last time the price of the AUDUSD moved above the 100 day MA it closed above for 2 trading days. Yesterday was the 1st close above the 100 day MA. Be aware.
AUDUSD view on the daily is showing buyers making a play
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