The AUDUSD trended lower this week, but did find support buyers yesterday, against a swing level against 0.65229. Below that level is the rising 100-day moving average at 0.65101. The subsequent rally today so the boys move up and retest the broken 50% midpoint of the move up from the October low to the December high, and also the 200-day moving average. Those levels come in at 0.65699, and 0.6580 respectively.
So buyers and sellers are battling it out between some key resistance and support levels. In between sits a swing area at 0.65417 and 0.65504. The price is currently above that level. Are the buyers trying to take back more control? Getting back above the 50% and 200 day moving average would confirm buyers taking back more control.
Conversely, a move below 0.85417, would hurt that trading idea.
This article was written by Greg Michalowski at www.forexlive.com. Source