The Australian Dollar fell off 3% against the United state dollar last week. The massive fell off is a a result of the breakout of the upward trendline to the downside at 0.73789 level which leave no retest done. the sellers drag the pair to the nearest support level at 0.71968, Unfortunately the support level did not hold as sellers continues to hold their positions and more sellers are coming in which makes the pair to break the support level at 0.71824.
later in the early 27th of April 2022 when AUD release their core CPI news and the news came out later than expected their is a short term buying pressure which push the pair to the upside by 42pips but it short-lived and sellers resume their selling pressure later the same day and drag the pair back to the initial direction
Looking at the 4hr and 1hr tf we can see a retest which turns the support into a new resistance at 0.71700. The pair is under the 50&20 Period moving average on the 4hr and dailt tf which signal to us that sellers might likely drag the pair to the strong support level at 0.69972 where buyers might likely be waiting
NOTE: This analysis is for Educational purposes and not a financial Advice.
later in the early 27th of April 2022 when AUD release their core CPI news and the news came out later than expected their is a short term buying pressure which push the pair to the upside by 42pips but it short-lived and sellers resume their selling pressure later the same day and drag the pair back to the initial direction
Looking at the 4hr and 1hr tf we can see a retest which turns the support into a new resistance at 0.71700. The pair is under the 50&20 Period moving average on the 4hr and dailt tf which signal to us that sellers might likely drag the pair to the strong support level at 0.69972 where buyers might likely be waiting
NOTE: This analysis is for Educational purposes and not a financial Advice.