AUDUSD Finds Support At 200 Moving Average

Thurs 23rd February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• AUDUSD
• EURGBP (Covered in Video)

AUDUSD Finds Support At 200 Moving Average

In today’s forex strength video we identified that the Australian Dollar (AUD) is one of the weakest currencies.

The United States Dollar (USD) remains the strongest on the day traders table.

Our forex pair in focus today is the AUDUSD. 

AUDUSD has recently traded through a key level of support at 0.6875.

This weekly level was expected to act as support however the tables told us otherwise and price broke down through it.

Price is currently at support of the daily 200 moving average and trendline support.

This support needs to give way in order to look for further trading opportunities.

Alternatively, if the price rallies back to resistance of 0.6875 and forms bearish price action we could look for short opportunities. 

Technical Observations

• The USD is S2 and AUD is W1 on the day traders table.
• Price has broken down through the weekly support of 0.6875.
• Price is currently trading at the daily 200 MA support.
• If price trades through the MA support and trendline support we can expect price to move lower.
• Targets for sellers will be 0.7000.