Technical Analysis

AUD/USD pushes up to session highs as equities trim losses on the session

AUD/USD challenges key near-term levels on the day

Invest in yourself. See our forex education hub.

The dollar is seen losing a bit of ground on the day now as equities are trimming losses in European morning trade, helping to see risk currencies gain some decent ground on the session with AUD/USD bouncing back to 0.7240 levels now.

The pair hit a low of 0.7193 amid a more dour risk mood earlier but with European indices shedding heavy losses at the open to sit down by 0.6% to 0.7% currently (US futures seen down 0.5% from around 0.9% earlier), there is some light optimism in FX.

Of note, AUD/USD is nudging just above its 100-hour moving average (red line) @ 0.7236 though the 200-hour moving average (blue line) @ 0.7249 is still limiting any major turn in sentiment just yet – at least for now.

That will be the key level to watch in the hours ahead in case a further turn in equities sentiment helps to bolster the upside turn in the past hour for the aussie.

Articles You May Like

Heikin Ashi RSI: This 1 Minute Scalping Trading Strategy Makes 1741% In Profit
Powerful forex trading strategy using one hour time frame
Stocks move to new highs. USD moves lower.
The USD is the strongest and the JPY is the weakest as the NA session begins
Base Metals: Copper under pressure, further consolidation on cards

Leave a Reply

Your email address will not be published. Required fields are marked *