Australian greenback drops under 2022 and 2024 lows. Trades at lowest degree since April 2020

The AUDUSD is breaking under the 2022 and 2024 lows. On the final day of the buying and selling yr, the worth moved to a low of zero.61785. That was simply above October 2022 low and zero.6170. Yesterday, the worth moved to zero.6171 however as soon as once more discovered assist consumers.

Breaking under these degree opens the door for additional promoting momentum. The value is buying and selling on the lowest degree since April 2020 when the worth tumbled right down to zero.55048.

Within the brief time period, keep under the zero.6178 low from December 31 and the sellers stay in agency management. Merchants will let the earnings run to the draw back so long as the worth stays under these ranges. A extra conservative threat degree could be on the zero.6200 space.

This text was written by Emma Wang at www.ubaidahsan.com.



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