The momentum continued today with the AUDUSD finding strong buying interest at a familiar support zone between 0.61608 and 0.61779 — a key swing area that previously acted as a floor multiple times since early January (see red numbered circles). The price initiall stalled at that area, but has extended higher in the early US trading.. That area is now confirmed as support once again after the latest bounce.
A break above 0.62302 would open the door to further upside momentum, while failure to breach resistance could see price rotate back toward the 0.61779–0.61608 support zone.
Support: 0.61608–0.61779 (swing area)
Bias: Neutral-to-bullish above 0.61779, bullish confirmation above 0.62302
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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