AUDUSD bounces higher and into a cluster of resistance. Price rise stalls – for now.

The AUDUSD has corrected higher reversing most of the declines from yesterday. The price has moved up into a swing area resistance target between 0.6635 and 0.6647. Within that swing area is the 100 and 200 hour moving averages near 0.6640.

That cluster of resistance is stalling the rise and provides a barometer for both buyers and sellers going forward.

  • Moving above 0.6647 increases the bullish bias
  • moving below 0.6635 gives the sellers some comfort for some additional downside probing.

A key area as the trading day comes to an end and a new one gets set to begin.

Right right

This article was written by Greg Michalowski at Source