The AUDUSD ran higher early today helped by the PBOC rate cut and also a general run lower in the USD. The move to the upside saw the pair extend above the 200-day MA at 0.65627 and then the 50% midpoint of the move up from the October 2023 low. That level comes in at 0.65699. However, the price has rotated back to the downside and now trade below both those two key technical levels. It would take a move back above those levels to increase the bullish bias.
On the downside there is some support near a swing area between 0.6541 and 0.6550. The 100-day moving average is also near the low of that swing area near 0.6538.
So there is a battle going on between the 100-day moving average below and the 200 day moving average above with the price between those key moving average levels.
This article was written by Greg Michalowski at www.forexlive.com. Source