What are the AUDUSD technicals telling us today and into the new trading week?

The AUDUSD has had a down and up trading week. The move lower earlier in the week was off of the stronger than expected CPI. After finding support against a swing area target, the price bounced and was pushed higher after the retail sales on Thursday. Friday has been an up-and-down day with the 61.8% retracement of the move up from the October low at the support at 0.6500 area. Resistance has been at the 100-bar moving average on the 4-hour chart, and the 100- day moving average.

Those levels will be the closed support resistance targets that traders will be eyeing today going forward. From there the progression leaps from target to target defined by the technicals. In this video, I outline those levels.

Set yourself up for next week in this currency pair by watching this video and understanding the bias, risk, and targets.

This article was written by Greg Michalowski at www.forexlive.com. Source