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

Australian Dollar - Dollar Analysis Technical analysis 15/03/2024

Time Frame: 1 hour

AUDUSD Support & Resistance Table – 15/03/2024

Support & ResistanceLevelExplanation
Resistance 20.6601Daily R2
Resistance 10.6587Daily R1
Support 10.6549Daily S1
Support 20.6535Daily S2

AUDUSD Indicator Table – 15/03/2024

IndicatorSignal
SMA 20Sell
SMA 50Sell
SMA 100Buy
MACD( 12;26;9)Neutral
RSI (14)Buy
Stochastic ( 9;6;3)Sell

AUDUSD Indicator / Period Table – 15/03/2024

Indicator / PeriodDay – SellWeek – SellMonth – Sell
MACD( 12;26;9)NeutralSellSell
RSI (14)BuyNeutralNeutral
SMA 20SellSellSell

AUDUSD 15/03/2024 – Reference Price : 0.6570

SELLSimple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (1)Sell ()

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