During the Asian trading session, the Australian Dollar (AUD) depreciated against the US Dollar (USD), falling below the 0.6600 level.
In simpler terms, if you were involved in currency trading, it would mean that you’d need fewer US Dollars to buy one Australian Dollar, suggesting a decline in the value of the Australian Dollar compared to the US Dollar.
Today, Australia doesn’t have any significant economic reports scheduled for release. However, in the United States, the Producer Price Index (PPI) data came in higher than expected. This upbeat economic news bolstered the US Dollar, leading to a decrease in the value of the AUD/USD currency pair.
For those engaged in forex trading, this movement presents an opportunity to potentially profit from fluctuations in the exchange rate between the Australian Dollar and the US Dollar. Investors who anticipated the AUD’s decline against the USD could have initiated sell positions in the AUD/USD pair, aiming to capitalize on the downward trend.
Technical analysis
Time Frame: 1 hour
AUDUSD Support & Resistance Table – 15/03/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 0.6601 | Daily R2 |
| Resistance 1 | 0.6587 | Daily R1 |
| Support 1 | 0.6549 | Daily S1 |
| Support 2 | 0.6535 | Daily S2 |
AUDUSD Indicator Table – 15/03/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Buy |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Sell |
AUDUSD Indicator / Period Table – 15/03/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Neutral | Sell | Sell |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
AUDUSD 15/03/2024 – Reference Price : 0.6570
| SELL | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (1)Sell () |
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