AUDUSD capped by 100-day MA, support test underway ...Middle East

From a technical perspective, the latest move lower has taken the price down to a key confluence of support:

The 100-bar moving average on the 4-hour chart

This zone is currently being tested and represents a potential pivot for the short-term bias.

Break below the current support area (around 0.6224) would increase bearish pressure and target the next support near 0.61779 down to 0.61608 (50% and swing area)

With the broader trend still biased to the downside and repeated failures at the 100-day MA, sellers maintain short term control — but this support zone is key.

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

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