The AUDUSD reached Lowe’s on Thursday of last week going back to June 1, 2023. However, the last few days have seen an up-and-down move that has taken the price higher.
On Friday the AUDUSD extended above its falling 100-hour moving average for the 1st time since July 31. However, buying dried up, and the price extended back to the downside into the close.
In trading today, the early momentum is to the upside. The price is currently retesting that 100-hour moving average at 0.65835. If the price is able to get and stay above that level, and then extend above Friday’s highs near 0.66085, traders will next look toward the swing area near 0.6621 – 0.6635 followed by the falling 200-hour moving average of 0.6654 and 38.2% retracement level at 0.66589.
It sounds like a lot of levels to get through, but that is what is needed to increase the bullish bias from a technical perspective in this currency pair.
Conversely, traders that are bearish may look to lean against its 100-hour moving average at 0.65835. If that level can hold resistance, and move the price below 0.6558 – 0.6566, it would give sellers more confidence of another run down toward the low from last week at 0.65135.
This article was written by Greg Michalowski at www.forexlive.com. Source