Buyers look to have re-entered the market on AUDUSD at the 4hr demand zone. Will the price continue higher?
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AUDUSD Are Traders Buying Again?
The AUDUSD pair has been on a good run in recent months, and it appears that it has found support in a demand zone on the H4 chart. This is positive news for traders and investors as it provides a potential buying opportunity for those looking to capitalize on the recent market trends.
The Australian dollar remains strong despite recent market volatility, thanks in part to a higher than expected Consumer Price Index (CPI). The strong performance of the AUD is a reflection of the country’s robust economic growth and solid financial fundamentals.
On the other hand, the USD is expected to remain weak this week as the Federal Reserve is forecast to hike interest rates to 4.75%. Additionally, the central bank is expected to remain dovish in its tone, given the current fall in inflation levels. This will likely put further downward pressure on the USD and could contribute to the continued strength of the AUD.
Traders and investors should keep a close eye on the price action of the AUDUSD pair as it moves forward. If the price forms a double bottom pattern or a higher low on the H4 chart, we could look for long opportunities back to the highs of 0.7100.
In conclusion, the AUDUSD price has found support in a demand zone and the AUD remains strong, while the USD could remain weak this week. If the price forms a double bottom pattern or a higher low on the H4 chart, traders and investors may look for long opportunities back to the highs of 0.7100. As always, it is important to stay vigilant and monitor market developments closely to ensure you make informed investment decisions.
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