After U.S. inflation slowed less than traders had anticipated, leaving the Federal Reserve on pace to tighten policy aggressively, the Australian Dollar is trading at a multi-year low versus the U.S. Dollar as of early Wednesday morning.
According to the daily swing chart, the primary trend is now downward. The continuation of the downward trend will be indicated by a transaction that takes place below the intraday low at 0.69050. If price is able to break above 0.72660, the primary trend will turn to an upward direction. The trend in the smaller categories is likewise downward. A successful trade through 0.70530 will switch the minor trend to an upward direction. Because of this, momentum will change in an upward direction. The range of the minor scale spans from 0.72660 to 0.69050. The closest resistance is located inside its retracement zone, which spans 0.70860 to 0.71280.

The price line has a pivot point above it at 0.68820, with support at 0.68620 and resistance at 0.68940. The EMAs of 200, 100 are moving downward, and the EMA of 10 is moving below the EMA of 100 with a bearish signal. The MACD starts its negative zone, with the signs indicating a down trend. The Stochastic and RSI indicators are moving toward low ranges and the ADX is not indicating a clear trend.
The price is above the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are moving with downtrend.

• There is resistance at 0.68940, followed by resistance at 0.68140 and 0.68260.
• There is support at 0.68620 Below, there is 0.68500 and 0.68300.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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