November 29, 2022

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AUDUSD moves below 200 hour MA (again)

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50% retracement at 0.77824. 200 hour moving average at 0.77766.  Stay below is more bearish

The AUDUSD has moved back below its 50% midpoint of the move up from the May 4 low at 0.77824 AND the 200 hour moving average 0.77766. That areas now close intraday risk.  Stay below keeps appears more control. The price is currently trading at 0.7768.

50% retracement at 0.77824. 200 hour moving average at 0.77766.  Stay below is more bearish_

On the downside, the pair is approaching a swing area between 0.7758 and 0.77654 (see green numbered circles).  Also the 61.8% retracement of the same move higher from the May 4 low comes in at 0.77569.  Move below both would increase the bearish bias. 

The snapback rally after the initial move to the downside off the higher-than-expected CPI, saw the price stall ahead of a swing area between 0.7814 and 0.7817. The price also failed to get up to the 100 hour moving average at 0.7820 (blue line).  

Volatile conditions continue to exist, but the bias in the favor of a higher dollar has returned.  

A snapshot of the debt market is showing the 5 and 10 year is seeing the brunt of the selling with the five year up 5.3 basis points and the tenure up four point basis points.  The U.S. Treasury will auction off $41 billion of 10 year notes at 1 PM ET.

US yields remain elevated




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