AUDUSD

The AUDUSD is dipping below the swing area target between 0.6327 0.6336. That area was an initial support going back to December which then tilted to resistance. That resistance level held until breaking above on February 14. Since then, the price has bottomed twice in the last week's trading and and try to hold support in trading yesterday and again today.

The low price just reached 0.6325 and the current price trades at 0.6330, so momentum on the break has not been great. Nevertheless, for traders, if the price can stay below the 0.6336 level in the short term, we could get a quicker move to the downside.

  • The rising 100-bar moving average on the 4-hour chart comes in at 0.6306.
  • There is a swing area down to 0.6287 and
  • The rising 200 bar moving average on the 4-hour chart and 0.6267.

All of those levels are downside targets on increased momentum.

Stocks moving lower in the US is often a negative on risk-off sentiment for this currency pair. The Dow industrial average is near unchanged, but the broader S&P index is down -0.80% and the NASDAQ index is down -1.60%.

Although yields are also lower with the 10-year down -10.02 basis points at 4.29%, they tend not to weaken the dollar against the commodity currencies like the AUD, NZD and CAD. Today the dollar is higher vs each.

Source: Forex Live