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Today, the AUDUSD is trading higher, after sellers failed to extend momentum below the low from Monday. That breakdown attempt was quickly reversed, and buyers stepped in to take back control.
The price is now pushing to new highs on the day, but the next test is key:
The 100-hour moving average at 0.60846
The February 3 swing low at 0.6087
And yesterday’s high, which also stalled at that area
These overlapping levels represent a critical resistance zone. A move above would shift focus toward the Monday high, which lines up closely with the January 13 swing low—another technical pivot.
For now, the bounce has neutralized the bearish momentum, but buyers need more. Clearing the 0.6085–0.6087 zone would be a strong signal that the tide is turning in their favor.
What would make sellers happy?
Looking at the weekly chart below, the low from last week was near swing low going all the back to early April 2020 at 0.5985. If the price were to move back below that level (the price is currently at 0.6046) would give the sellers more confidence. A closer level would be the natural support near 0.6000. There SHOULD be buyers ahead of that level on dips IF the buyers want to take back more control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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