AUD/USD refers to the Australian Dollar/ US Dollar major currency pair. AUD/USD is one of the most actively traded currency pairs in Forex, with exceptional liquidity and high trading volume....
However, the Australian Dollar, or “Aussie”, as it is nicknamed in the Forex community, is not one of the six foreign currencies in the US Dollar Index, used to establish the value of USD dollar. Much of the popularity of the AUD/USD currency pair is due to the fact that the Australia is rich in natural resources like coal, iron ore, meat and wool. As a result, the AUD/USD is strongly influenced by commodity price shifts. A major trading partner and purchaser of Australian commodities is China, so the Chinese economic climate will have a substantial impact on the currency price. The price of both the Australian Dollar and the US Dollar, can be influenced by the interest differential between the Reserve Bank of Australia and the US Federal Reserve, as changing rates can weaken or strengthen a currency. So, for example, a weaker USD would give AUD/USD a boost. It is also worth noting that AUD/USD, which is quoted in USD, has a negative correlation with USD/JPY, USD/CHF, and USD/CAD.
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The Forex market has turned against the US Dollar over recent days as institutions begin to anticipate true uncertainty between Trump and Harris in the US Presidential Election, or even begin to give Harris an edge.
The Aussie dollar initially broke above the 1.09 level during the early hours on Friday but has turned around quite significantly.
In my daily analysis of the AUD/USD pair, it’s worth noting that we continue to hang around the same support level that we have been watching closely for some time.
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During my daily analysis of the AUD/USD pair, the first thing I notice is that we are at least trying to bounce.
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The AUD/USD pair slipped to the lowest level in over a month after the International Monetary Fund (IMF) warned about the Australian economy. It fell to a low of 0.6653, much lower than the year-to-date high of 0.6942.
In the AUD/USD pair, the first thing I see is that we continue to look at the 0.67 level as crucial, as it has held up for support of action over the last several days.
During my analysis of the AUD/USD pair, it seems the market is attempting to form a bottom in this region.
The Aussie dollar has fallen pretty significantly during the early hours on Monday as we are approaching the 50 day EMA.
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The Aussie dollar has been somewhat noisy during the trading session on Friday as we continue to attempt a breakout.
The first thing I see is that we continue to see a lot of resistance just above, especially near the 0.6850 level, an area that has been a major barrier for quite some time.
The Australian dollar rallied slightly during Wednesday’s session, but traders are now focused on the upcoming FOMC statement, interest rate decision, and, most importantly, Jerome Powell’s press conference.
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Sign up to get the latest market updates and free signals directly to your inbox.The first thing I noticed is that the market is running into trouble above the 50 Day EMA.
You can see that the Australian dollar did initially try to rally during the trading session on Friday but gave back gains above that crucial 0.68 level.
The Australian dollar has been slightly positive during trading on Tuesday as we continue to see an overall upward pressure in this market that traders have been paying close attention to.