The AUDUSD has seen two-way price action today, with a push lower during the North American session followed by a modest rebound. After falling to a session low of 0.6267, the pair has recovered slightly to 0.6282, now up about 12 pips or 0.20% on the day.
On the technical front, today’s high reached 0.6305, just shy of the 200-bar moving average on the 4-hour chart at 0.63077. The inability to break above that level reinforces its significance as a key resistance point and keeps the sellers more in control. A sustained move above that level is needed to shift the bias back higher, and would likely trigger further upside momentum, with the 100-day moving average at 0.63409 as the next major target.
To the downside, support is forming at the top of a key swing area between 0.6254 and 0.6268, which has held today’s low. A rising trendline is also approaching that zone, adding further technical weight. A break below this area would shift MORE control back to the sellers and open the door for a deeper move lower.
This article was written by Greg Michalowski at www.forexlive.com.