The AUDUSD
AUD/USD
The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation.
The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar (USD) is the world’s most traded currency, resulting in a very liquid pair, with tight spreads, often staying within the 1 pip to 3 pip spread range on most forex brokers. AUD/USD Popular Among Various Types of TradersA lot of traders consider the AUD/USD to perhaps be the most consistent currency pair with respect to swing trading, as it has often moved in steadfast cycles.Having said that, every pair presents its own challenges for traders.The AUD/USD is very popular with swing traders, with the four-hour timeframe being, historically at least, more dependable than others. Historically the AUD/USD is influenced by interest rate differentials, commodity prices, government credit ratings, and overall sentiment and speculation. Read this Term reached it’s high for the week on Monday when the pair rallied but stalled against a downward sloping channel trendline.
AUDUSD falls below floor from earlier in the week
That channel followed the price down to a low on Tuesday before the market started to consolidate into the CPI data on Thursday. The lows on Tuesday and Wednesday stalled between 0.6237 and 0.62487.
The high price on Thursday – before the CPI – found sellers against its 100 hour moving average (blue line in the chart above). The stronger than expected CPI sent the price tumbling to the downside and below the aforementioned floor area from Tuesday and Wednesday between 0.6237 and 0.62487.
Of course, the big squeeze was on after the CPI which forced the price of the AUDUSD back higher and above its falling 100 hour moving average.
In trading today the momentum to the upside was continued. However when the price reached the high from Tuesday, sellers reentered and stalled the pair near the 0.6346 area. The ceiling was set.
Since then sellers have been able to push the price back below the 100 hour moving average and more recently below the lower swing area from Tuesday and Wednesday between 0.6237 and 0.62487. That area is now close risk. Stay below is more bearish.
On the downside, the next target comes against the low from Thursday’s trade at 0.6169. That low was the low for the year and the lowest level since the week of March 22, 2020.
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