The ups and down of the AUDUSD so far 2024

From late March to early April, AUDUSD rose from around 0.6650 to a high of 0.6730.
This rally was driven by improving risk appetite in the financial market, as well as better-than-expected economic data from Australia.
However, the pair started to decline in mid-April, falling back below 0.6600. This sell-off was due to a shift in market sentiment, as investors became more risk-averse amid concerns about slowing global growth and rising interest rates. Additionally, the weaker-than-expected data from China, which is Australia's largest trading partner, may have weighed on the Australian dollar.
From a technical perspective, the AUDUSD pair has encountered resistance at the 0.6730 level, which coincided with the 200-day moving average. This has prompted some traders to take profits and exit their long positions, contributing to the decline in the pair.