AUDUSD technical analysis: Support near 100 day MA holds strong

The AUDUSD had an up-and-down day yesterday that initially saw the pair move above its key 200-day moving average, 200-bar moving average on the 4-hour chart, and 50% midpoint of the trading range since the October 2023 low. All those levels came between 0.65609 and 0.65699.

However, momentum could not be sustained, and the price rotated back to the downside but bounced from buyers near its 100-day moving average of 0.65447.

Going into the new trading day, the price is currently below the 200-day moving average 0.65609, but above the 100-day moving average of 0.6544. Those levels will act as barometers for buyers and sellers. Push above the 200-day moving average of 0.65609 and that would tilt the bias more to the upside. Move below the 100-day moving average of 0.65447, and the bias would tilt the opposite way (to the downside).

For a detailed look at the technicals, click on the video above.

This article was written by Greg Michalowski at Source