The AUDUSD moved higher in early Asian trading today but found willing sellers against it to hundred bar moving out on the four hour chart had 0.65399. That moving average is the first of a series of moving averages that would need to be broken on the topside to shift the technical bias more to the upside ahead and post the FOMC rate decision. Including in those steps are:
- 200-day moving average and 100-bar moving average on the 4-hour chart at 0.65568
- 100-day moving average and 0.65815
Conversely,, swing lows at 0.6486, and 0.64769 and a swing area between 0.6445 and 0.6455 is needed to be broken below to increase the bearish bias to the downside.
The video above outlines all the levels in play and explain why as traders prepare for the key rate decision and press conference.
This article was written by Greg Michalowski at www.forexlive.com. Source