Support & Resistance

AUDUSD Peaks to its Highest Point Since Late August, But Then Recedes

AUDUSD Peaks to its Highest Point Since Late August, But Then Recedes

The AUDUSD climbed to a peak during the seesawing CPI volatility and achieved a record of 0.69836.

The 0.6966 and 0.7005 range (highlighted in yellow, with red numbered circles) has been affected by the recent data. Since then the market has reacted and the price has declined. The 0.6915 mark is the midpoint of the 2022 trading range and has provided support for the price. On the daily chart, the 200 day MA is at 0.68357, which has been above the closing price since last Friday.

The hourly chart indicates that an attempt to move higher was unsuccessful, with two hourly bars not managing to reach the high from earlier in the week at 0.6949. After the second failed attempt, buyers started to show resistance to the Monday high, transforming the level into resistance in the short term. A stay below this level is more bearish.

The cost dropped below its 100 hour moving average (blue line) due to the market fluctuations, and it tried to reach the same low from yesterday around 0.6872, but the decline was stopped, and the rate bounced back above the 100 hour MA (currently at 0.6902 and rising).

The MA is now a target of support; maintaining the price above it keeps the buyers interested.

Altogether, the upward run tried to gain momentum on a daily basis and ceased. The consequent move down has brought the cost back beneath the 0.6949 record, which was the peak on Monday, and has now reestablished it as a resistance in the shorter term.

The 100 hour Moving Average should be monitored, and the low from the previous day is close to 0.6872.

The purchasers likely have a greater degree of authority, yet there is still effort to be done to maintain the progress.

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.