AUDUSD tests a cluster of support between 0.7300 and 0.7317

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term is also trading near a new session low and in the process is testing a cluster of support.

The first four technical levels have been broken with the 100 and 200 hour moving averages both been broken, the 200 day moving average, and the 38.2% retracement of the move up from the February 24 low at 0.73083.

The final target is the upward sloping trendline which cuts across at 0.7300. The last few hours have seen support buyers against that moving average. A move below would open the door for further downside momentum with the low price from yesterday at 0.7286 followed by the 50% midpoint at 0.72674