That swing area, which previously acted as strong resistance (see green numbered circles), has now flipped to support. Price action above this zone reflects a positive shift in sentiment. Just above, the pair has been fluctuating around the 200-day moving average at 0.6461, suggesting some buyer hesitation. Still, the recent move back above this level leans the bias more firmly in favor of buyers.
On the downside, a move back below the 200-day MA, followed by a drop through 0.6429–0.6444, would weaken the bullish outlook and likely invite further selling pressure.
0.6461 – 200-day moving average (currently being broken)
0.6500+ – Opens the door even further above the natural resistance
0.6444–0.6429 – Key swing area (now acting as support)
Below 0.6429 – Bias shifts bearish; opens risk toward broader downside levels
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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