AUDUSD experiences a volatile week: Key levels determine market direction and bearish bias.
- The AUDUSD has displayed a series of ups and campo since last Friday, with the” ups” encountering resistance between 0.67239 and 0.67296 for the maturity of the week.
- Buyers tried to push the price up on Wednesday and Thursday, driven by volatility from the Fed rate decision. These upward movements managed to surpass the 50 mid-point of the decline from the February 20 high at0.67417 but fell suddenly off the pivotal falling 200-day moving normal at0.67579. history, the price began to decline, breaking below two crucial swing areas between0.67239 and0.67296 (red numbered circles), and between0.6691 and0.67036. The price low stalled near another swing area between0.6665 and0.66732 (green number circles).
- In moment’s trading, the original move to the downside into the European morning session tested the 100-hour moving normal (blue line in the map over), encountering selling pressure. This price point also fell within the swing area between0.6691 and0.67036, indicating that merchandisers remained in control.
- Merchandisers have pushed the price down further to a new swing area between0.6628 and0.66399, breaking below the week’s low from Tuesday at 0.6649. Since also, the price has been shifting, reaching a high of0.66494, near Tuesday’s low. The situations around 0.6665 and 0.66732 (green numbered circles in the map over) are now pivotal for determining short-term request bias. To maintain control and target the lower axes observed between March 7 and March 15, merchandisers must keep the price below these situations. On the other hand, dip buyers will aim to reclaim the broken situations in order to shift the instigation in their favor.
- As the request seeks a clear direction, dealers will nearly watch the price action to determine whether merchandisers can maintain the instigation below the critical0.6649 and 0.6673 situations.