AUDUSD faces resistance at swing level and key MA

The AUDUSD is trading higher and lower in trading today in a narrow range. The high prices, however, have been able to stay below its 100-day moving average at 0.65317. The high price for the day came in at 0.65306. Also in play is a swing area at 0.65229. That level goes back to November through February where there have been several swing lows/highs at the level.

As we advance, if the price can stay below the 100-day moving average, the bias is more to the downside. Move above, in that bias flips more in favor of the buyers.

On more downside momentum, the 61.8% retracement of the move-up from the October low comes in at 0.6499. The low price last week came in at 0.64687. There is a swing area down to 0.6445 – 0.6455.

A move back above the 100-day moving average with momentum would have traders looking toward its falling 100-bar moving average on 4-hour chart at 0.6557. Its 200-day moving average and 50% retracement of the same range from October is at 0.65699. Getting above that level would increase the bullish bias.

This article was written by Greg Michalowski at Source