Forex

AUDUSD moves higher today, but can support hold on a dip?

AUDUSD strikes again above the previous flooring

The AUDUSD moved to the bottom degree since June 21, 2020 final week, and within the course of broke beneath swing lows from September 2020, October 2020, November 2020, November 2021, December 2021 and the January 2022 between 0.6966 and 0.7005 (see purple numbered circles within the chart above).

The breaking of that flooring space (see purple numbered circles within the chart above) gave sellers the go-ahead to probe decrease they usually took the pair to a low of 0.6828 towards the top of day on a Thursday. The worth did rebound into the top the week and closed at 0.69374 on Friday.

Drilling to the hourly chart beneath, the bounce off the low on Thursday noticed the worth transfer above its 100 hour shifting common into the shut on Friday. On Monday, the worth moved again beneath the aforementioned 100 hour shifting common. Nonetheless, the low value on Monday’s commerce did effective assist towards swing lows from Friday forward of the acute low from Thursday.

The next transfer again above the 100 hour shifting common was supported by patrons towards that shifting common (see blue line within the chart beneath). The holding of assist gave the patrons the go forward to push the worth larger into the shut.

In buying and selling right this moment, the upper 200 hour shifting common (inexperienced line within the chart beneath) was damaged within the Asian session and has stayed above that degree. Bullish.

The 38.2% retracement of the transfer down from the Could excessive at 0.69954 was additionally damaged. That retracement degree is holding assist on the US session dip – forward of the 200 hour MA. Bullish

These technical ranges might be eyed for bullish/bearish technical clues.

If assist can maintain towards these ranges, the patrons can stay in management. A transfer beneath, and all bets are off for additional upside momentum.

AUDUSD

AUDUSD finds some patrons within the short-term

Of observe is that the 200 hour shifting common at 0.6974 – and shifting decrease – is getting nearer to the low of the swing space from the weekly chart at 0.6966. That will increase the areas significance for each patrons and sellers. It also needs to give the patrons a stronger degree to purchase towards on a dip. Him him

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