The Australian Dollar appears to be trading flat on Wednesday after being pressured by rising U.S. Treasury yields driving up the interest rate of the U.S. Dollar. The catalyst extended the process of increasing bets on a faster taper rate with a faster-than-expected rate hike.
The renomination of Jerome Powell as a Fed Chair for a second term fueled this week’s selling pressure. Market participants perceive him to be radical at this time in the interest rate series.
At 01:20 GMT, the AUD/USD was trading 0.7224. It is down 0.0005 equal to – 0.06%.
Daily Swing Chart Technical Analysis
According to the daily swing chart, the primary trend remains down. A trade through 0.7208 is expected to signal a resumption of the downtrend. A move through 0.7432 will change the primary direction to higher.
The minor trend also remains down. A trade through 0.7372 will change the primary direction to upward. This process will shift momentum to an upward trend.
The minor range is 0.7372 to 0.7208. It remains 50% level at 0.7288 is the nearest resistance.
The primary resistance is the 0.7319 to 0.7364 retracement zone. It is responsible for controlling the near-term direction of the AUD/USD pair.
Daily Swing Chart Technical Forecast
On Wednesday, the direction of the AUD/USD pair seemed to be defined by trader response to 0.7238.
More Bearish Scenario
A maintained move under 0.7237 will indicate the appearance of sellers. This process might trigger a quick break into 0.7206. This price seems to be a potential trigger point for accelerating the downward trend with the bottom at 0.7172.
Bullish Scenario
A sustained move above 0.7228 will signal the appearance of buyers. Taking out 0.7237 will symbolize the fact that the process of buying is getting stronger. If this move generates enough upside momentum, then watch for the rally to extend into the minor pivot at 0.7288 possibly.
Shiba Inu Coin
On Tuesday, Shiba Inu Coin dropped by 3.17%, following a 1.98% loss on Monday; it ended the day at $0.00004193.
The Shiba Inu Coin growth started an intraday high of $0.00004455 before its reverse.
Shiba Inu Coin fell through at $0.0000418 before finding support. Late in the day, it briefly revisited $0.000043 levels before easing back.
Looking at the Technical Indicators
First Major Support Level: $0.0000406
Pivot Level: $0.0000426
First Major Resistance Level: $0.0000441
23.7% FIB Retracement Level: $0.00006988
38.3% FIB Retracement Level: $0.00005681
63% FIB Retracement Level: $0.00003701
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