Forex analytics and overview

AUD/USD bounces off 2024 low

2024.02.08 06:16

XM Group

  • hits its lowest degree since mid-November
  • Although decline halts, rebound seems unconvincing
  • Momentum indicators stay tilted to the draw backAUD/USD bounces off 2024 low

AUDUSD has been in a continuing decline after peaking at 0.6870 in December, breaking under each its 50- and 200-day easy transferring averages (SMAs). This week, the worth fell to a recent two-month backside of 0.6467 earlier than recouping some losses, whereas the short-term oscillators nonetheless counsel that bearish forces are holding the higher hand.

Should bearish pressures persist, the worth might revisit its 2024 backside of 0.6467. A violation of that area might open the door for the August low of 0.6363. Sliding beneath that ground, the pair might descend in the direction of the November low of 0.6337.

On the flipside, if the pair extends its near-term restoration, there isn’t any distinguished resistance till the 200-day SMA, at the moment at 0.6568. Further advances might then stop on the current resistance of 0.6623 forward of the 0.6689 hurdle. Conquering the latter, the bulls might assault the May peak of 0.6817.

Overall, AUDUSD dropped to its lowest degree in two months as its short-term retreat exhibits no indicators of easing. For the bearish sentiment to change, the worth must initially reclaim the 200-day SMA.

https://www.youtube.com/watch?v=ulv_UIN2fvY

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