The AUDUSD moved larger final week on the again of upper commodity costs and a few isolation from the developments in Ukraine. The worth rise final week, took the worth above its 200 day MA at 0.7318 on Thursday, and pushed larger on Friday and Monday as properly.
The break above the 200 day MA was the primary since July sixth, however solely lasted 2 days as momentum couldn’t be sustained and in the present day, the worth moved again under the extent.
The break again under the 200 day MA (at present at 0.73176) has the decrease 100 day MA as the following draw back goal. That is available in at 0.72308. The low in the present day reached 0.72443. The present worth is at 0.7272 – comfortably between these two MA ranges.
Off the chart, merchants will search for the following shove as soon as once more.
It’s a disappointment that the break lastly above the upper 200 day shifting common couldn’t maintain momentum. Having mentioned that nevertheless, there was a good quantity of resistance towards the 100 day shifting common on the transfer to the upside. Usually instances, that may assist dip patrons not less than on a check. It make sense to purchase towards the 100 day shifting common with a cease under the extent.
So though there may be disappointment on the break above the 200 day shifting common, there may be nonetheless hope that assist maintain and a push again above the extent can result in additional upside momentum.