Inch removed from weekly-high above 0.6700 as risk-on temper strengthens

Last updated: 2023/03/16 at 9:40 PM

By Staff 2 weeks ago

3 Min Read

AUD/USD has sensed a stellar shopping for curiosity amid the declining USD Index.
A bull cross, delivered by the 20-and 50-period EMAs at 0.6648 signifies extra upside forward.
The RS) (14) has shifted into the bullish vary, which signifies that the upside momentum has been triggered.

The AUD/USD pair has witnessed sheer shopping for curiosity from the market members and has reached close to its weekly excessive plotted close to 0.6720. The Aussie asset has attracted important bids as traders have lightened their longs within the US Dollar Index (DXY) considerably. The motive behind ignoring the USD Index regardless of fears of worldwide banking turmoil is the accelerating expectations of a less-hawkish stance on rates of interest by the Federal Reserve (Fed) forward.

S&P500 futures have recovered their nominal losses witnessed in Asian morning and has turned constructive now. A follow-up shopping for within the 500-US shares basket futures after a outstanding Thursday signifies an extra strengthening of the danger urge for food theme. The USD Index has shifted its public sale under 104.20 and is anticipated to ship extra losses, contemplating that the risk-aversion theme is fading.

After breaking above the crucial resistance of 0.6668, AUD/USD has soared above 0.6700. At the press time, the Aussie asset is hovering close to the weekly excessive. A bull cross, delivered by the 20-and 50-period Exponential Moving Averages (EMAs) at 0.6648 signifies extra upside forward.

Adding to that, the Relative Strength Index (RSI) (14) has shifted into the bullish vary of 60.00-80.00, which signifies that the upside momentum has been triggered.

Should the asset breaks above March 13 excessive at 0.6717, Aussie bulls would drive the asset additional towards March 07 excessive at 0.67478 adopted by the horizontal resistance plotted from February 23 low at 0.6781.

On the opposite, a slippage under March 15 low at 0.6564 will drag the asset towards October 4 excessive at 0.6547 and the round-level help at 0.6500.