The Australian Dollar has remained resilient against the greenback as AUD/USD threatens key technical levels. Russia-Ukraine tensions weigh on sentiment. Get your weekly Australian Dollar forecast from Tams707 here:
has achieved three consecutive weeks of gains as bulls strive to retest January highs above 0.7300. After rebounding off of the key psychological level of 0.7000, bulls managed to regain confidence over the trend temporarily, allowing them to drive price action back towards the current spot of resistance at 0.7200.
Although the probability of higher rates from the Fed and rising geopolitical tensions have supported the safe-haven Dollar, higher commodity prices and a possible increase of stimulus into the Chinese economy has allowed the Australian Dollar to remain resilient against the greenback, at least for now.is currently trading within a well-defined range between 0.7000 and 0.7300 respectively which continues to hold both bulls and bears at bay.
As prices cling to the 61.8% retracement level of the 2017 – 2020 move at 0.71335, the next level of support remains at the January low of 0.696 with resistance holding at the 23.6% Fibo level of 2021 – 2022 move.As price action remains above the 20-day MA , the 0.713 and 0.721 Fibonacci levels of the above-mentioned moves continue to provide firm levels of support and resistance which will likely assist in driving price action in either direction.
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