AUDUSD bounces off old ceiling (now a floor) support and rallies today. What next?

The AUDUSD fell yesterday but bounced off a key floor support near 0.6522. The move higher today has come off highs but is so far holding the rising 100 hour MA support. Staying above keeps the buyers more in control and will have traders looking toward the 50% midpoint of the move down from the July low at 0.65824. On Tuesday, that midpoint was tested but found willing sellers on the first look.

So for today and going forward, watch the rising 100-hour MA for close risk/support at 0.6548. On a move below the swing area (and now floor)  from 0.6500 to 0.6522 is even more important technically for traders.

On the topside the 50% at 0.65824 is the next key target to get to and through to increase the bullish bias for the pair. 

This article was written by Greg Michalowski at Source