AUDUSD Outlook 20th March 2023
The AUDUSD traded in a very similar fashion to the NZDUSD, where the price has climbed steadily higher due to the weakness of the DXY.
The AUDUSD broke strongly above the 0.67 round number resistance level which aligns with the 61.8% Fibonacci retracement level and the upward move was supported by the bullish trendline.
Early in the trading session today, the AUDUSD retraced down to retest the 23.60 fib retracement level and the trendline but failed to break lower.
Anticipating further DXY weakness, the AUDUSD could continue to trade higher toward the next resistance level of 0.6780, especially if the price breaks above the previous high of 0.6730
The AUDUSD broke strongly above the 0.67 round number resistance level which aligns with the 61.8% Fibonacci retracement level and the upward move was supported by the bullish trendline.
Early in the trading session today, the AUDUSD retraced down to retest the 23.60 fib retracement level and the trendline but failed to break lower.
Anticipating further DXY weakness, the AUDUSD could continue to trade higher toward the next resistance level of 0.6780, especially if the price breaks above the previous high of 0.6730
