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AUDUSD is trading towards new lows.  Trades between longer term swing zone.


AUDUSD returns to former low

the AUDUSD

AUD/USD

AUD/USD is the currency pair comprising the Commonwealth of Australia’s Australian dollar (symbol $, code AUD) and the United States of America dollar (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one Australian dollar. For example, when AUD/USD is trading at 0.7500, that means 1 Australian dollar equals 0.75 US dollars. The Australian dollar (AUD) is the fifth most traded currency in the world, while the US dollar (USD) is the most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 1 pip to 3 pip. on most forex brokers. AUD/USD Popular Among Different Types of Traders Many traders consider the AUD/USD to be perhaps the most consistent currency pair when it comes to swing trading, as it has often moved in consistent cycles. That said, each pair presents its own challenges. for traders. AUD/USD is very popular with swing traders, with the four-hour timeframe being, at least historically, more reliable than the others. Historically, AUD/USD has been influenced by interest rate differentials, commodity prices, government credit ratings, as well as general sentiment and speculation.

AUD/USD is the currency pair comprising the Commonwealth of Australia’s Australian dollar (symbol $, code AUD) and the United States of America dollar (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one Australian dollar. For example, when AUD/USD is trading at 0.7500, that means 1 Australian dollar equals 0.75 US dollars. The Australian dollar (AUD) is the fifth most traded currency in the world, while the US dollar (USD) is the most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 1 pip to 3 pip. on most forex brokers. AUD/USD Popular Among Different Types of Traders Many traders consider the AUD/USD to be perhaps the most consistent currency pair when it comes to swing trading, as it has often moved in consistent cycles. That said, each pair presents its own challenges. for traders. AUD/USD is very popular with swing traders, with the four-hour timeframe being, at least historically, more reliable than the others. Historically, AUD/USD has been influenced by interest rate differentials, commodity prices, government credit ratings, as well as general sentiment and speculation.
Read this term is down as some risk flows play out as stocks continue to fall today.

Looking at the weekly chart, the decline has brought the pair back into the swing zone dating back to July 2020 between 0.6966 and 0.7005.

This area housed depressions (and a floor) of

  • July 2020,
  • September 2020,
  • October 2020,
  • November 2021,
  • December 2021 and
  • January 2022 (see numbered red circles).

Last week, the price broke below this zone en route to a 2022 low (and its lowest level since June 2020) of 0.68284 (Thursday). The price bottomed out and rose in the last 3 trading days.

Yesterday the price broke above the high of 0.7005 of this swing zone. Today the high price extended above 0.7005 and reached 0.7047 at the start of the Asian session before reversing lower.

The low price just hit 0.6970 just above the lower floor area target at 0.6966. A break below 0.6966 would be more bearish.

Drilling down on the hourly chart below, just below the 0.6966 level is the 200 hourly moving average at 0.69612, and below that is the rising 100 hourly moving average at 0.69521. These levels will also help define the bias in the future. If all 3 levels are broken, sellers have more control. Conversely, holding support would keep the buyers in play (albeit with a weak hand).

It should be noted regarding the price action today that the high price of 0.7046, has stalled just below the 50% midpoint of the May trading range at 0.7047. Today’s high also stalled ahead of the May 11 swing high at 0.70545.

The inability to extend above these targets was a bearish technical development that gave sellers something to lean against near the highs. Although the price rose and fell for most of the trading day, the 50% midpoint was never in danger of being breached. Risk-defining sellers were rewarded with the downside.

Now it’s the turn of the sellers to take more control or give up on plunging the buyers against support.

AUDUSD is trading towards new lows.  Trades between longer term swing zone.

AUDUSD Looks to Test the 100/200 Hourly Moving Averages

Meanwhile, stocks continue to get hammered and make buying the AUDUSD a bit difficult as risk flows could really start to show.

  • The Dow Industrial Average is down -1100 points or -3.41% at 31541.32
  • The S&P is down 159 points or -3.89% at 3929.91
  • The NASDAQ index is down -557 points or -4.65% at 11426.62
  • Russell 2000 is down 69.18 points or -3.76% at 1771.11

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