Weekly close below 0.6200 would expose YTD lows

Oscillators are at oversold conditions, though registering higher lows, while price action is registering lower lows. That said, a positive divergence might be forming.

  • AUD/USD finished the week with substantial losses of 2.61%.
  • On Friday, the AUD/USD seesawed on a 200-pip range, notably reaching a weekly close below 0.6200.
  • AUD/USD Price Forecast: To tumble to 0.6100 if sellers clear the YTD low; otherwise, a move towards 0.6300 is on the cards.

In the short term, the AUD/USD is neutral biased, though oscillators in negative territory and price action could open the door for further downside action. Therefore, the AUD/USD first support would be the YTD low of 0.6169, followed by the 0.6100 figure. The break below will expose the figure at 0.6000.

The AUD/USD daily chart depicts the pair seesawed in a 220-pip range after hitting a daily high of 0.6347 before tumbling under the 0.6200 figure. Worth noting that on its way down, the AUD/USD Friday close was 0.6199, exposing crucial support levels, like the YTD low of 0.6169, which, if cleared, could open the door towards 0.6100.

Contrarily, if the AUD/JPY bounces from below 0.6200, it would expose essential resistance levels, like 0.6250, followed by the confluence of the 100, 20 and 50-EMAs, around 0.6276/77, followed by the 0.6300 mark.

AUD/USD Key Technical Levels


منبع: https://www.fxstreet.com/news/aud-usd-price-analysis-weekly-close-below-06200-would-expose-ytd-lows-202210142224

On Friday, the Australian dollar finished the week on the wrong foot, tumbling below 0.6200 amidst a dampened market mood, with investors dumping everything risk-perceived in the FX space, the Aussie dollar. Therefore, the AUD/USD accelerated its downfall, trading at 0.6199, below Friday’s opening price by 1.58%.

AUD/USD Price Forecast