AUDUSD corrects higher today, but into MA resistance where sellers lean.

The AUDUSD corrects higher today but into a cluster of MAs including the 100/200 bar MAs on the 4-hour chart and the 200-day MA. Although the price gets above the 200 day MA and the 100-bar MA on the 4-hour chart, it cannot extend above the 200-bar MA on the 4-hour chart, and buyers turn to sellers.

The subsequent fall has taken the price back down to a swing area between 0.6503-0.6510. A move below that area would have traders looking toward the 0.6476-86 and then the low for 2024 from February at 0.64417.

On the topside the holding of the MAs solidifies those levels as a risk level up to 0.6452 (from 0.6441 to 0.6452). Stay below is more bearish for traders now.

This article was written by Greg Michalowski at Source