Birmingham , UK

AUD Q1 2022 Technical Forecast: AUD/USD, It’s all Concerning the 7000 Degree


AUD/USD was weak for nearly all of 2021, with the yearly excessive creating in February. The development decrease wasn’t the cleanest general, however there have been definitely intervals the place one-way momentum was robust. Extra periodic momentum is anticipated as we head into a brand new yr.

What’s seen as the massive deciding issue for the final buying and selling bias is how 7000 is dealt with transferring ahead. It’s not only a psychological stage, it’s an actual stage that has been in play on quite a few events since 2018. At instances it has acted as each robust assist and resistance.

7000 is presently seen by the lens of assist because it not too long ago held for the primary time since November 2020. The emphatic bounce off 7000 in December reveals that its significance as a significant stage hasn’t waned with time.

Whereas the 2021 development stays in opposition to AUD, if the extent continues to carry there may be motive to at the least be impartial, and that might change to a extra bullish outlook with time. A significant break beneath 7000 on a weekly closing foundation, nevertheless, may usher in one other wave of promoting throughout Q1.

AUD/USD Weekly Chart

AUD Q1 2022 Technical Forecast: AUD/USD, It’s all About the 7000 Level

Chart ready by Paul Robinson, created with TradingView

DailyFX offers foreign exchange information and technical evaluation on the traits that affect the worldwide forex markets.

Leave a comment