How To Make Money Today: AUD/USD Daily Market Analysis and Forex Trading Signals 1 April 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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AUD/USD:
On the weekly, we see the potential for a bearish reversal from our 1st resistance at 0.75461 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st support at 0.69813 in line with 100% Fibonacci projection. Price is trading below the ichimoku cloud indicator, further supporting our bearish bias.
On the daily, we see the potential for a bearish reversal from our 1st resistance at 0.75575 in line with 61.8% Fibonacci projection, 161.8% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 0.71890 in line with 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where it is at resistance level.
On the H4 timeframe, we see the potential for a bullish bounce from our 1st support at 0.74716 in line with 23.6% Fibonacci retracement towards our 1st resistance at 0.75951 in line with 161.8% Fibonacci extension. Our bullish bias is supported by price trading above the Ichimoku cloud indicator.
Areas of consideration
- H4 1st resistance at 0.75951
- H4 1st support at 0.74716
The AUD/USD exchange rate is expected to reach 0.76 in the next months, according to Rabobank.
Since the outbreak of the Ukraine conflict, the AUD has been the best performing G10 currency. Rabobank economists anticipate the AUD/USD pair will reach the 0.75 level sooner than anticipated, owing to solid energy prices.
Increased pricing for alternative energy sources could bolster the Australian dollar
“Even in the best-case scenario of a peaceful resolution in Ukraine, Europe is likely to pursue greater energy independence from Russia. This implies that costs for alternative energy sources will remain high for some time, which would likely boost currencies such as the AUD.”
“There are concerns about how much extra LNG Australia can provide to Europe without jeopardizing current contracts or risking a gas crisis on the country’s east coast. Regardless, Australia continues to be the world’s second biggest exporter of coal.”
“We have revised our six-month prediction for the AUD/USD to a three-month horizon and anticipate a rise to 0.76 in six months.”
AUD/USD: Additional increases are anticipated over 0.7520 — UOB
According to FX Strategists at UOB Group, the AUD/USD pair needs to break through the 0.7520 level in order to continue the rise in the short term.
Key Quotes
“We projected the Australian dollar to ‘move sideways between 0.7480 and 0.7530’ yesterday. However, the AUD fell to 0.7471 before recovering to close softly at 0.7485. (-0.34 percent ). The downward trend has improved somewhat, and the AUD is expected to continue its decline. Nonetheless, the firm support level of 0.7440 is unlikely to be breached (there is another support at 0.7460). 0.7505 represents resistance, followed by 0.7520.”
Within the next 1-3 weeks: “We have been bullish on AUD for two weeks now. As the AUD struggles to extend its gains, we emphasized in our most recent narrative three days ago (29 Mar, spot around 0.7500) that ‘upward momentum is weakening, but a break of 0.7440 would suggest that AUD strength has peaked.’ The AUD has been trading sideways over the last several days, and rising momentum has weakened further. From here, the AUD must close above 0.7520 during the next 1-2 days, else the possibility of additional AUD strength will rapidly dwindle.”
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