AUDUSD technical update: Price trapped between key swing zones ...Middle East

Immediate support lies between 0.6500 and 0.6514, which has a number of swing highs or lows over the last few weeks of trading. Although the price action last week was above and below that area there were swing levels within that area as well. Today the price started below the level but after breaking higher in the Asian session, the lows have found support buyers in the area and is now back above the area.

The pair tested this upper resistance area (high reached 0.65375) last week but was unable to sustain momentum. The price rotated lower the that high, but buyers leaned against the 0.6500–0.6514 zone.

Key levels to watch:

Support: 0.6500–0.6514

Bias: Neutral while inside the range; directional breakout needed for momentum shift

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

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