Trading Value of AUD/USD Increases Significantly

The trading value of the Australian dollar has been rising. The price chart shows that it is the second consecutive day the trading value of the Australian dollar has continued rising. The pair is currently trading below the 0.7000 thresholds are a handful of pips.

USD’s Weak Performance

The outstanding performance of the AUD versus the USD on the second consecutive day is due to the weak performance of the latter. The broad weakness, as well as the strong data from Australia, has helped push the value of the AUD upwards.

AUD’s Performance Since Friday

On Friday, the trading value of the pair experienced a sharp intraday downfall. The downfall continued for a while, which kept forming a descending channel for the pair. The trend line for the pair fell below the resistance breakpoint.

However, the AUD was able to record a rebound, which meant that the pair bounced and it successfully moved over the 50-day SMA. The upward movement was favored by the bullish traders, which has continued pushing its value higher.

The investors are now aiming to push the value of the AUD pair over the psychological mark. At the time of writing, the psychological mark for AUD is 0.7000. The investors will need to continue with their buying power to push the pair over the particular mark.

If the investors keep buying AUD, then the pair may continue moving in a positive direction. If the positive trend is formed, it will successfully form a strong path for the pair helping it earn additional gains.

Bullish Movement of the Pair

If the buying power of the investors keeps gaining momentum, then the trading value of the pair may continue to grow stronger. The buying power of the investors may help push the pair over the intermediate hurdle. The particular level being referred to as the intermediate hurdle is 0.7060.

By continuously increasing the buying power, the investors may try and reclaim the pair at 0.7100. If the momentum keeps going, then the pair may grow over the 100-day SMA, elevating the spot prices in the process.

Going forward, the buyers may attempt to go for another major target. The particular target is the 200-day SMA. The particular mark will be met at 0.7170.

The Bearish Movement of AUD/USD

If the value of the pair starts moving in the negative direction, then it may fall to the horizontal level. In this particular case, the value of the pair may start falling and dip to 0.6940. From there, the pair may start moving much lower into the negative zone. This may trip the trading price of the pair even more, bringing it down to 0.6940.