The AUDUSD moved lower earlier in the day and in the process fell below a key support target defined by the 200 day moving average at 0.6574, and the 50% midpoint of the move up from the October low. That level comes in at 0.65699. The inability to stay below those levels turned sellers into buyers. The lower-than-expected ECI data help the upside momentum.
The move to the upside, however, did find willing sellers against the key swing area going back to early December between 0.6612 and 0.6624. Sellers leaned against that area. The price is back below the low of that swing area.
With the FOMC rate decision ahead, the market so far as defining the resistance up to 0.6624 and the support down to the 200-day MA, and 50% retracement. Those levels will be eyed today, through the Fed decision and going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source