AUDUSD forextrading - volatility is very low, and the action is quite choppy, so any trades here will really need to be monitored on a short time frame.
I wrote last Thursday the most likely outcome here was a continued choppy rise to 0.7250 if the new support level at 0.7157 held.
This was a pretty good call as that support has continued to hold and the price has continued to advance towards 0.7250, although this big quarter-number has not yet been reached. The technical picture is weakly bullish, with the price printing a new higher support level at 0.7207. The AUD is strongly positively
with the NZD, and the RBNZ has just hiked its interest rate and signalled a more hawkish pace of future hikes, so the stronger NZD may be pulling up the AUD, reinforcing the bullish case here.here, and in the Forex market generally, is very low, and the price is not far from 0.7250 which could prove to be very resistant. The AUD is also vulnerable to a shock which could see risk sentiment suddenly deteriorate, especially if Russia were to launch an invasion deep into Ukraine.
I think that if the price retraces to 0.7207 and bounces there, it will make a good long trade to 0.7250, but if the price hits 0.7250 first and stalls there, a short trade could be taken successfully., and the action is quite choppy, so any trades here will really need to be monitored on a short
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