AUD and USD are major currency pairs. This means that they are more liquid than other currency pairs and as such, a lot of trade activities take place around them individually. It is even more so as a pair; the AUD USD pair has the attention of many traders in the currency exchange business, and as such, it is important that traders that deal in this pair know what is going on with it on a daily basis at least.
AUD USD daily forex analysis is the day to day examination of the changes in the forex market that either directly or indirectly affects the AUD USD pair, with the aim of determining the best time to buy or sell the pair. The AUD USD daily forex analysis is important to both short term traders and long term traders as well. It helps them to make very richly informed decision about their trades.
AUD USD FOREX ANALYSIS FOR 6TH OF MAY
The price of the AUD USD pair moved higher than the 0.7500 level in trading. Earlier, before this time, the price moved high, approaching the 0.7500 level, but it moved back lower, making it look like there is some sort of restriction at the 0.7500 levels – resistance. However, the security finally moved past 0.74975 and 0.74956, to 0.7500.
The bullish and good news about this pair took place in the New York session, where it moved above the 0.7500 mark, and from the look of things, it seems the security is there to stay. It has been there for a while now and to the benefit of many. Buyers, however, seem to have a problem with this; the price moved above the highest points in may. The price moved from 0.7517 and 0.75155 levels, to 0.75215, after which it backed off. This is understandable on the path of the longs seeing that this may affect them adversely.
From the daily chart today, it shows that the 200 day MA loom ahead at 0.75306. There are a lot of connections here with what went down in the market in the months of May, April, and March. Talking about March, the 50% of the move down from the month of March highs moved in at 0.75389 – that is for the 200 day MA. For the 100 day MA at 0.7556, there are targets of the minefield sorts that the bulls have to breach.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.