Saturday, 8 June 2024

AUDUSD is one of the weakest of the major currencies as USD moves higher/commodities lower

by BD Banks

The AUD is one of the weakets of the major currencies (along with the NZD).

Commodities are sharply lower on the back of the higher dollar/higher rates/a more stubborn Fed.

Technically, the price has moved lower to test a cluster of support including the 38.2% retracement at 0.6579, a swing area between 0.6579 to 0.6585. The buyers are leaning against that level with close resistance at 0.6590. Get above that level and the 200 bar MA on the 4 hour chart would be eyed at 0.6610.

On the downside, a move below the 38.2% would have traders looking toward the 100 day MA at 0.6561 and below that the 50% and 200 day MA near 0.65376.

Those are the levels in play now for the pair.

For now, sellers more in control, but key support at the 38.2% is a level for both buyers and sellers to think about the next move in the pair.

This article was written by Greg Michalowski at www.forexlive.com.

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