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AUDUSD has traded into key support of 0.6875 and rejected. Will the price now trade higher?

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AUDUSD Buyers Going Long?

The price of AUDUSD has come into key support and buyers have stepped in. The weekly chart will show us that price is in an upward trend. Not only this but the price looks to be forming a double bottom on the daily chart. A double bottom suggests that price could be heading back to the upside. If the weekly upward trend is to continue we could see the price head back to the 0.7100 resistance level. 

In the news the Producer Prices Index (PPI) in the US came in higher than expected. This pushed the price of AUDUSD past the lows triggering stops long. In Australia the inflation rate continues to rise putting pressure on the RBA to continue to hike rates. This could keep the Australian Dollar stronger. 


AUDUSD Blueberry markets Forex Trading 16-2-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Price traded below the previous lows before rebounding higher.
  • Daily chart shows the price forming a double bottom pattern.
  • A break of the daily high could signal the weekly upward trend will continue.
  • If it does continue the price could trade to the previous highs of 0.7100.

Have you watched our GBPUSD analysis? You can see it here

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