The ups and down of the AUDUSD so far 2024
From late March to early April, AUDUSD rose from around 0.6650 to a high of 0.6730.
This rally was driven by improving risk appetite in the financial market, as well as better-than-expected economic data from Australia.
However, the pair started to decline in mid-April, falling back below 0.6600. This sell-off was due to a shift in market sentiment, as investors became more risk-averse amid concerns about slowing global growth and rising interest rates. Additionally, the weaker-than-expected data from China, which is Australia's largest trading partner, may have weighed on the Australian dollar.
From a technical perspective, the AUDUSD pair has encountered resistance at the 0.6730 level, which coincided with the 200-day moving average. This has prompted some traders to take profits and exit their long positions, contributing to the decline in the pair.
This rally was driven by improving risk appetite in the financial market, as well as better-than-expected economic data from Australia.
However, the pair started to decline in mid-April, falling back below 0.6600. This sell-off was due to a shift in market sentiment, as investors became more risk-averse amid concerns about slowing global growth and rising interest rates. Additionally, the weaker-than-expected data from China, which is Australia's largest trading partner, may have weighed on the Australian dollar.
From a technical perspective, the AUDUSD pair has encountered resistance at the 0.6730 level, which coincided with the 200-day moving average. This has prompted some traders to take profits and exit their long positions, contributing to the decline in the pair.
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