AUD/USD Retreats to Three-Week Low, Focuses on Key Support Zone

Thursday, 28 March 2024, 08:43
The AUD/USD pair has dropped to its lowest level since 6 March, hovering just below 0.6500. Sellers are dominant, defending the 200-day moving average and putting pressure on the swing region around 0.6485-90. The dollar's strength towards month-end and quarter-end is evident, posing challenges for the aussie. Despite positive stock performance, downside risks persist for AUD/USD as the dollar holds key technical levels.
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AUD/USD Retreats to Three-Week Low, Focuses on Key Support Zone

AUD/USD Retreats to Three-Week Low

With the retreat today, the pair is down to its lowest since 6 March with price just under 0.6500 now.

Key Support Zone

Sellers remain in control, having kept a defense of the 200-day moving average (blue line) earlier this week.

    Sellers remain in control
    Dollar stays firm towards month-end and quarter-end
  • The only factor favoring the aussie is positive stock sentiment

    • Despite positive sentiment, downside momentum in AUD/USD remains a concern as the dollar maintains crucial technical levels.

    This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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