The AUDUSD tests the high from last week, but finds willing sellers on the first test

The AUDUSD moved higher in trading today. Fundamentally, the RBA meeting minutes showed that the debate was for a 25 basis point hike which helped to support the AUDUSD in trading today.

The move to the upside extended in the early North American session up to the high price from last week (on Friday) at 0.64729. However, momentum stalled against that level, and in the last hour the price as seen a rotation to the downside with the overall dollar buying (lower AUDUSD is equal to a higher USD).

The price has rotated back toward a swing area between 0.6453 and 0.64607. It would now take a move below that area to increase the short-term bearish bias and have traders looking toward the rising 100-hour moving average at 0.64380. Absent that, the buyers are still in control with the high from last week remaining a key level to get to and through to increase the bullish bias.

This article was written by Greg Michalowski at Source