The AUDUSD is having a down, and up, and back down trading day today. The “ups” have been finding resistance against its 200-hour moving average currently at 0.6808 (green line in the chart below). The “downs” have been finding support against a swing area between 0.6750 and 0.67546. Going forward getting outside of that battle zone with momentum would be eyed by traders.
On a break to the downside, the 38.2% retracement of the move up from the May 31 low followed by the 100-day moving average would be downside targets. Those levels come in at 0.67306 and 0.67159 respectively.
On the topside, a break of the 200-hour moving average at 0.6808 would then have the falling 100-hour moving average at 0.68117 to get above. Get above both, and the buyers would look toward the swing low from Monday’s trade of 0.6835 as the next target.
This article was written by Greg Michalowski at www.forexlive.com. Source