Traders in the AUDUSD have pushed the price of the pair higher in the US session and in the process, tested the swing level starting back in August 2023 near 0.6524, and also it’s 100 bar moving out on the 4-hour chart at 0.65238. That level is a resistance target that needs to be broken to give the buyers more confidence that the low is in place.
Earlier today, the price fell below the low prices from last week near 0.6486, but could not sustain momentum toward the next target at 0.64687 (see chart below). That failed break disappointed the sellers and helped reverse the intraday bias back to the upside.
Now with the close resistance being tested, the question becomes can they push the price above that level and look toward other targets including the 100 and 200-day moving average is near 0.6557.
This article was written by Greg Michalowski at www.forexlive.com. Source