The AUDUSD pair, also known as the Aussie, was down 0.25% on Wednesday, following inflation numbers from the US. At the time of writing, it was dropping toward the important support zone of 0.7320.

It looks the support zone has been tested already and it was defended, offering a nice bounce for the Australian dollar. It needs to stay above this level for the short-term trend to remain bullish. 

Another support is slightly below at 0.73, where the 50-day moving average is seen. However, since the previous swing low was higher than the August low, it appears that the medium-term uptrend has begun. 

The Aussie needs to climb above 0.7410, where previous highs are converged with previous lows, creating an impressive resistance. Another selling zone should be at the current cycle highs at 0.7465. 

Bulls need to push the pair above it to confirm the medium-term upside bias. Considering the AUDUSD pair has been pretty resilient against the recent uptick in US yields, it might have a chance to begin another bullish wave. 

AUDUSD Daily chart 3:30 PM CET



About Author

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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