HomeForex MarketAustralian Greenback Restoration in Focus for 2Q: High Commerce Alternatives

Australian Greenback Restoration in Focus for 2Q: High Commerce Alternatives

AUD/USD reversed course after taking out the 2021 low (0.6993) in January. The alternate price traded above the 50-Week SMA for the primary time since July after clearing the yearly opening vary in March. AUD/USD could proceed to retrace the decline from final yr because the alternate price is on the cusp of testing the October excessive (0.7556), however the diverging paths for financial coverage could curb the bullish worth motion. The Federal Reserve appears to implement a sequence of price hikes over the approaching months, whereas the Reserve Financial institution of Australia (RBA) stays in no rush to change gears.

AUD/USD Weekly Chart

Supply: TradingView

Consequently, the advance from the yearly low (0.6968) could turn into a correction because the 50-Week SMA continues to replicate a destructive slope. The alternate price could try and additional retrace the decline from the 2021 excessive (0.8007), if it manages to penetrate the previous help zone across the October excessive (0.7556).

AUD/JPY Weekly Chart

Australian Dollar Recovery in Focus for 2Q: Top Trade Opportunities

Supply: TradingView

AUD/JPY trades at its highest degree since 2015 after clearing the yearly opening vary in March, with the eight-week rally pushing the Relative Power Index (RSI) into overbought territory for the primary time since final yr. The bullish momentum underlying AUD/JPY is prone to persist so long as the RSI holds above 70, with a transfer above the August 2015 excessive (92.69) opening up the 93.50 (23.6% retracement) area. Nonetheless, AUD/JPY could proceed to retrace the decline from the 2015 excessive (97.65) amid the broad primarily based weak point within the Japanese Yen, however the alternate price could fall again in direction of the previous resistance zone across the October excessive (86.25) as soon as the RSI falls from overbought territory to check for help.

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