The AUDUSD has been trading up and down in trading today, but technically, the 38.2% retracement of the move down from the September 1 high at 0.64198 and 100 hour moving average near the same level, held support.
Conversely, on the top side, the rally stalled against the 61.8% retracement of the same September trading range at 0.64587.
In between, sits the 50% midpoint at 0.64392. That will be the short-term barometer for more bullish or more bearish.
So although the up-and-down volatility can be frustrating, the technical levels are providing traders with clues for support and resistance.
Going forward, a break of the 38.2% retracement and 100 hour moving average at 0.64198, would target the 200 hour moving average at 0.64089.. Move below that level and the 0.6400 level will have traders targeting a swing area between 0.6379 and 0.63874.
On the top side moving above 0.64587 would open the door for a move toward 0.64874. Above that, is the triple highs at 0.65216.
This article was written by Greg Michalowski at www.forexlive.com. Source