May 29, 2023

AUDUSD runs higher. Technicals help.


AUDUSD on the hourly chart.

The AUDUSD moved higher as the pair trades with the dollars decline that took the greenback higher into the London close. The move to the upside is somewhat confusing in that yields in the US continue to move higher, and the stock market has given up gains especially in the NASDAQ index which lags dramatically. The Dow industrial average is moving higher, however, and at record levels. Crude oil and gold and commodities are higher.

Technically, the pair has benefited from bouncing off support near the 0.7182 to 0.7186 area. The pair is also moved above a swing area between 0.7212 and 0.7223 and the 200 and 100 hour moving averages at 0.7236 and 0.72412.

The price high as reached 0.72484. The price is currently trading at 0.7240 between the moving average levels There is some stall near the MA levels.

Taking a broader look at the weekly chart, the pairs move lower earlier this week moved back below its 100 week moving average at 0.7224 but stalled ahead of its 200 week moving average at 0.71706. The low reached 0.71835. The price is back above the 100 week moving average at 0.7224. Stay above that level, and the buyers can feel comfortable.

PS. The low for the year last year stalled against the lows from the second half of 2020 near the 0.7000 level. The weekly moving averages will be a key determinant for the bias in the early part of 2022. Be aware.


AUDUSD on the weekly chart

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