AUDUSD- hits Four-Month high

[Valuegrowth]

It’s interesting to see some strength in AUD.

As I want to study currency market trends,I took a position on the following ETF(AUDS).

https://www.betashares.com.au/fund/strong-australian-dollar-fund/

Is it a wise decision or a bad decision? In my view, no currency will go straight up or down. So, I am expecting kind of pullback or correction in USD and planing to hold my position until AUD becomes bullish.

After I bought it has dropped, but yesterday it upped by 2.2%.

https://www.dailyfx.com/news/australian-dollar-outlook-a-sinking-us-dollar-floats-the-aud-boat-20230617.html

"The Australian Dollar smashed through the resistance ceiling to make a 4-month high last week after the US Dollar (https://www.dailyfx.com/us-dollar-index) collapsed. Since the start of June, AUD/USD has gained in 15 out of 17 sessions.

After making a clean break above an ascending trend line, AUD/USD got above all short, medium and long-term daily Simple Moving Averages (SMA) (https://www.dailyfx.com/education/moving-averages) and bullish momentum took hold."

Cheers

[Valuegrowth]

https://nz.finance.yahoo.com/news/aud-usd-weekly-forecast-australian-162046644.html

"The 50-Week EMA sits right around the 0.66 level, and I think that’s an area where a lot of people will pay close attention to. If we can break above there, then the market could go looking to the 0.69 level. The size of the candlestick for the week is of course bullish, but we’ve seen this recently, only to get it turned right back around, so now we have to wonder whether or not we are going to slam straight back down again?"