Forex

AUDUSD down for the 4th day in a row

AUDUSD down for the 4th consecutive day

The  AUDUSD  bounced greater final week (see each day chart above) taking the worth as much as retest the 100 day MA (blue line within the chart above) at the moment at 0.72557.

The excessive value reached 0.7264 on Wednesday and 0.7265 on Thursday (simply above that MA) earlier than beginning its run again to the draw back. The value within the AUDUSD yesterday, fell under the swing low from December 2021 at 0.6990, and the January 2022 swing low at 0.6966. The value closed the day at 0.6946.

Immediately after making a brand new low at 0.69099 within the Asian session, the worth rebounded again above the January 2022 low at 0.6986 as danger on sentiment improved. Nonetheless, the excessive value at the moment stalled forward of the 2021 low value at 0.69901. The corrective excessive at the moment reached 0.6986 earlier than rotating again to the draw back.

That rotation has now seen elevated promoting over the previous couple of hours as London/European merchants look to exit, and shares within the US surrender their earlier features. The value is at the moment buying and selling at 0.6927 and appears towards the low for the day at 0.69099.

The previous 2022 low at 0.6966 is now resistance as soon as once more. Nearer resistance could be the shut from yesterday at 0.6946.

I might count on a transfer again above these ranges for the 2nd time at the moment would assist the corrective tone a bit on the 2nd failed break. Absent that, and sellers have extra management and a push towards even decrease ranges could be the trail of least resistance.

Drilling to the hourly chart, the worth motion is down up and again down once more at the moment. The yellow space within the chart represents the lows from December 2021 and January 2022 between 0.6966 to 0.6990. The patrons tried to push the worth via these ranges solely to fall wanting the upper goal. That space stays key resistance. Getting above could be the minimal corrective targets with 0.70293 low from Might 2 and the 38.2% of the transfer down from final week’s excessive at 0.70458 as different upside targets.

For now, nonetheless, the worth is down 4 straight days. The value decline has taken the worth down 360 or so pips. The corrections have been modest and stayed under upside targets. All that factors within the favor of the sellers for the AUDUSD.

AUDUSD

AUDUSD stays close to lows for the yr

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