The AUDUSD has seen up-and-down price action in trading today. The earlier session high stalled against its 100-hour moving average. Sellers leaned against the moving average level (it’s currently at 0.64185).
The subsequent price low in the US session reached a 0.6386. That low was still short of the low from Friday’s trade at 0.6379.
Sellers turned back to buyers in the US afternoon trading, and the price is back up testing its 100-hour moving average for the 2nd time today. More risk-on buying seems to have helped the pair as the broader indices had decent gains (especially the NASDAQ which rose 1.56%).
Needless to say, that 100-hour moving average will be a barometer going into the new trading day. If the buyers can’t get above this falling moving average I would expect the sellers to take firm control on the price to move its way below the low price from last week at 0.6363. Conversely, if the 100-hour movie can be broken, it’s step one in the process of taking back levels.
- 0.6427. Is a swing low from last Wednesday in a swing high from Friday
- 0.6453 – 0.6458. That area is a swing area owing back to August 14.
- 0.6463. That is the 200 hour moving average
Getting above all those levels is needed to increase the bullish bias
This article was written by Greg Michalowski at www.forexlive.com. Source