The AUDUSD attempted a bullish breakout this week, moving above the 100-day moving average (MA) for the first time since October 2024, but buying stalled midweek, and sellers pushed the price back below the key 100-day MA, keeping the overall bias tilted to the downside as the week nears its close.
Yesterday, the pair moved away from the 100-day MA and dropped beneath the 100/200-bar MAs on the 4-hour chart (lower blue and green lines), located around 0.6297. Heading into the new trading day, the price moved back toward these MAs, where sellers leaned in to maintain downward pressure and keep the bias to the downside. .
During the U.S. session, the pair has continued lower, reaching key support near the upper boundary of a lower swing area between 0.6254 - 0.6268. Yesterday’s low also found support at the same level, reinforcing its significance. Additionally, last week's lows stalled within this swing area, highlighting it as a critical zone.
If sellers are to push lower, a break and sustained move below this area is necessary.
Close risk and bias shifting level for seller is a move back above the 100 bar MA on the 4-hour chart at 0.62959 an the 200 bar MA on the same chart at 0.63058. Get above those levels and the buyers may look for another run to the 100-day MA.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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