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U.S. Dollar / Australian Dollar

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AUDUSD bulls slowly tighten grips on Australia inflation dayFollowing its bounce off YTD low, the AUDUSD pair crossed an important resistance line from early February, now support. The Aussie pair’s further advances, however, remained gradual and portray a 13-day-old bullish channel. That said, the quote picks up bids inside the aforementioned bullish chart formation ahead of Australia’s monthly Consumer Price Index (CPI) data for February. Given the likely easing inflation pressure in the Pacific major’s economy, the 200-bar Exponential Moving Average (EMA) hurdle of around 0.6740 gains attention ahead of the stated channel’s top line, close to 0.6760. It’s worth noting that the mid-February swing high surrounding 0.6785 acts as the last check for the Aussie pair buyers. Alternatively, a downside break of the 0.6640 support, comprising the lower line of the bullish channel, could quickly drag the AUDUSD price towards the resistance-turned-resistance line from early February, close to 0.6575. It’s worth noting that the Aussie pair’s weakness past 0.6575 can witness a bumpy road as the yearly bottom of 0.6562 and the last October’s peak near 0.6545 may challenge the bears afterward. To sum up, AUDUSD forms a bullish chart pattern and a bumpy road toward the south as traders analyze Australian inflation data.
by MTradingGlobal
#AUDUSD Uptrend MOVEMENT POTENTIAL with Risk:reward =2.3Currency pair Australian Dollar Vs US dollar , Time Frame is 4 hours. what is the analysis? Break out from the downtrend movement. what is a downtrend movement? Wave will be created in the form of upper high, upper Low, upper high, upper Low, and we can observe the breakout from the downtrend. This is the Buy call with a Risk: reward ratio of 2.4, First Target is 0.67043 second target is 0.69175. Hope our analysis is adding value to your trading journey and Happy trading #tradingstrategy, #forex trading, #AUDUSD , #currency pair, #AUDUSD forecast
Long
by TanujaK
#AUDUSD Uptrend MOVEMENT POTENTIAL with Risk:reward =2.3Currency pair Australian Dollar Vs US dollar, Time Frame is 4 hours. what is the analysis? Break out from the downtrend movement. what is a downtrend movement? Wave will be created in the form of upper high, upper Low, upper high, upper Low, and we can observe the breakout from the downtrend. This is the Buy call with a Risk: reward ratio of 2.4, First Target is 0.67043 second target is 0.69175. Hope our analysis is adding value to your trading journey and Happy trading #tradingstrategy, #forex trading, #AUDUSD , #currency pair, #AUDUSD forecast
Long
by TanujaK
2
AUDUSD bulls need validation from 0.6770AUDUSD confirmed a falling wedge bullish chart pattern during the early days and is keeping the breakout so far during Wednesday. The RSI (14) line’s gradual rebound from the oversold territory adds strength to the upside bias. However, a convergence of the 100 and 200 DMAs, around 0.6770 at the latest, appears a tough nut to crack for the Aussie buyers to keep the reins. Following that, tops marked during December 2022 and mid-February 2023, respectively around 0.6895 and 0.7030, could act as intermediate halts during the theoretical target of 0.7240. On the contrary, a downside break of the 0.6640 level, comprising the stated wedge’s top line, could negate the bullish bias. Even so, the latest swing low and the 61.8% Fibonacci retracement level of October 2022 to March 2023 upside, close to 0.6560 and 0.6545 in that order, could test the AUDUSD sellers before giving them control. Also acting as a downside filter is the lower line of the aforementioned bullish chart formation, near 0.6515 as we write. Overall, AUDUSD is likely to rise further toward the previous monthly peak. However, the key DMA convergence challenges the buyers as top-tier Aussie data looms, up for publishing on Thursday.
by MTradingGlobal