Last week, I outlined a key target for the AUDUSD at swing level highs going back to 2024 and a topside trend line. In the post yesterday, I also highlighted this area as needing to be broken, to increase the bulllish bias.
Instead, sellers were able to lean against the level and stall the rally.
The subsequent move lower, has been confined, but has allowed the rising 100-hour MA to catch up to the price. That MA currently comes in at 0.6663. The low price just reached that level and has bounced modestly.
The level remains the key target and barometer of in the short term for both buyers and sellers. If the price can be broken, it opens the door for further corrective action with the rising 200 hour moving average and the low price from Friday’s trade near 0.6628 as the next key target. Getting below both those levels as needed to show that the sellers can take back more control from the buyers.
Alternatively, if support holds, the buyers remain in firm control. The swing area between 0.66817 and 0.6694 remains a key target.
This article was written by Greg Michalowski at investinglive.com.