AUD/USD Price Analysis: Retreats from the multi-month peak, downside potential restricted

 

The AUD/USD currency pair falls before the 0.7000 level and declines from a multi-month high achieved on Friday. Several variables work together to increase USD demand and provide downward pressure on the pair. Bulls are favored by the technical setup, which also offers opportunities for some dip-buying to arise.

The AUD/USD pair dropped during the early North American session after reaching the psychological barrier of 0.7000, which was also its highest point since August 26. In the past hour, the pair has fallen to a new daily low in the vicinity of 0.6935, wiping out some of the previous day’s post-US CPI gains and ending a two-day winning run.

Read More..

EDGE-FOREX

Comments

Post a Comment

Popular posts from this blog

4 Global Market Updates- 6 February, 2023

  In this article, we have covered the highlights of global market news about the  EUR/USD,  AUD/USD , USD/CHF  and  GBP/USD . EUR/USD Price Analysis: The main support level is breached beyond 1.0760 During a slow Monday morning in Europe, bulls and bears compete to control the  EUR/USD  at 1.0800. The leading currency pair struggles to explain the latest Doji candlestick inside a three-day-old negative channel. However, a convergence of the 200-SMA, the bottom line of the indicated channel, and the 50% Fibonacci retracement level of the January-February gain, at 1.0760, limits the short-term downside of the pair. Bearish MACD signals also tempt EUR/USD sellers. Read More... EDGE-FOREX
Read more

4 Global Market Updates- 11 July, 2022

  In this article, we have covered the highlights of global market news about the  UK Conservative leadership, Fiscal policy, US Dollar , and Natural Gas . Candidates for the UK Conservative leadership present contrasting tax strategies. Jeremy Hunt, a candidate for the UK Conservative leadership, said on Monday that he wants to reduce all taxes. “I can decrease taxes within our present budgetary laws,” Hunt continued. While this is happening, several UK media sites claim that UK Finance Minister Nadhim Zahawi intends to impose 20 percent budget cutbacks across the board to pay for his proposed tax cuts. Zahawi ran for the position of prime minister after Boris Johnson. Read More... forex managed account services   #globalmarket #UK #USD #tax #naturalgas #dollar #forex #trading #trade #edgeforex
Read more

4 Global Market Updates- 22 July, 2022

  In this article, we have covered the highlights of global market news about the Price of Natural Gas, Dollar , Crude Oil Prices and  Gold Price . Futures for natural gas: Further increases seem to be unfavorable On Thursday, open interest in natural gas futures markets decreased by around 3.2 thousand contracts, which was the opposite of the previous increase when advanced prints from CME Group were included. After three days of daily increases, volume followed suit and decreased by roughly ten thousand contracts. Read More... forex factory   #leverage #fxtrading #foreignexchange #trading #forextrading #risk #forexnews #globalmarket #edgeforex
Read more