{"id":512754,"date":"2023-01-10T12:03:45","date_gmt":"2023-01-10T01:03:45","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=512754"},"modified":"2023-01-10T12:03:45","modified_gmt":"2023-01-10T01:03:45","slug":"aussie-dollar-continues-santa-rally-into-2023","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/aussie-dollar-continues-santa-rally-into-2023\/","title":{"rendered":"Aussie dollar continues Santa rally into 2023"},"content":{"rendered":"<p>The Aussie dollar has been on a tear in recent weeks as a weaker USD and thoughts of a pivot in US interest rate hikes has seen the Aussie bounce from its lows near $0.62. The Australian dollar and economy have benefited from the improved strength in commodity prices such as Gold and Iron ore which are important players in Australia\u2019s economy. In addition, a potential reopening of China and improved economic prospects for the country means that it may be protected in the case of a global recession.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-399034\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2023\/01\/InkedAUDUSD_2023-01-10_11-37-50.jpg\" alt=\"\" width=\"1561\" height=\"909\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The long-term price action of the AUSUSD is that of a ranging pattern. Since 2015 there has been no consistent trend. The price dropped to near $0.60 during the initial stages of Covid 19 and in October last year. The price has now recovered almost 12% from this October bottom and has shown a strong rejection of the $0.62 zone. The strength of the support can be seen by the weekly buying candle. This is almost identical to the pattern that occurred when the price bounced in 2020 categorised by a long green body and short wick. In 2020, the price then rose to $0.79. This is a reasonable longer-term target especially if the USD continues to weaken. The one concern is the resistance level at $0.70. This level is middle of the range of the pair\u2019s price and could act as a difficult area to profit on the price action. Therefore, it would be best to wait for a confirmation candle either short or long before entering into a position.<\/p>\n<p>&nbsp;<\/p>\n<p>On the daily time frame, the price has just risen above the 200-day moving average and the 50-day moving average has begun to trend back upward and potentially cross back above the longer time moving average. This may provide a buy signal if it occurs. The RSI is also consolidating and if it breaks out of its wedge, it may provide an indication of a further move to the upside.<\/p>\n<p>With so much more data to come still relating to inflation data and broader economic data, there may still be some volatility in the direction of the AUDUSD.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Aussie dollar has been on a tear in recent weeks as a weaker USD and thoughts of a pivot in US interest rate hikes has seen the Aussie bounce from its lows near $0.62. The Australian dollar and economy have benefited from the improved strength in commodity prices such as Gold and Iron ore [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":11573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2871],"tags":[],"class_list":["post-512754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aussie dollar continues Santa rally into 2023 - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/aussie-dollar-continues-santa-rally-into-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aussie dollar continues Santa rally into 2023 - Wixad\" \/>\n<meta property=\"og:description\" content=\"The Aussie dollar has been on a tear in recent weeks as a weaker USD and thoughts of a pivot in US interest rate hikes has seen the Aussie bounce from its lows near $0.62. 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The Australian dollar and economy have benefited from the improved strength in commodity prices such as Gold and Iron ore ","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/what-is-going-on-with-teslas-share-price\/","type":"next","category":"shares-and-indices"},"previous":{"id":512664,"slug":"chfjpy-sees-potential-bottom-and-short-term-reversal","title":"CHFJPY sees potential bottom and short-term reversal","date":"2023-01-09 15:34:41","excerpt":"The Aussie dollar has been on a tear in recent weeks as a weaker USD and thoughts of a pivot in US interest rate hikes has seen the Aussie bounce from its lows near $0.62. The Australian dollar and economy have benefited from the improved strength in commodity prices such as Gold and Iron ore ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/chfjpy-sees-potential-bottom-and-short-term-reversal\/","type":"previous","category":"forex-trading"},"category":{"slug":"forex-trading"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/512754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=512754"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/512754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media\/11573"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=512754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=512754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=512754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}