AUD/USD, It’s all About the 7000 Level

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AUD/USD was weak for nearly all of 2021, with the yearly excessive growing in February. The development decrease wasn’t the cleanest total, however there have been actually durations the place one-way momentum was sturdy. More periodic momentum is anticipated as we head into a brand new 12 months.

What is seen as the large deciding issue for the overall buying and selling bias is how 7000 is dealt with transferring ahead. It’s not only a psychological degree, it’s an actual degree that has been in play on quite a few events since 2018. At instances it has acted as each sturdy assist and resistance.

7000 is presently seen by means of the lens of assist because it just lately held for the primary time since November 2020. The emphatic bounce off 7000 in December reveals that its significance as a serious degree hasn’t waned with time.

While the 2021 development stays in opposition to AUD, if the extent continues to carry there may be cause to not less than be impartial, and that would change to a extra bullish outlook with time. A significant break under 7000 on a weekly closing foundation, nevertheless, may usher in one other wave of promoting throughout Q1.

AUD/USD Weekly Chart

Chart ready by Paul Robinson, created with TradingView

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