Yesterday, AUDUSD briefly pushed above the 0.6504 swing high from early December 2024, but the breakout failed to gain traction, and the pair has since reversed lower (see 4-hour chart above).
The inability to hold above that key resistance level suggests buyers lacked the momentum to drive the next leg higher and has helped lead to more selling today from a technical perspective. .
Today, the pair is trading lower and retesting the 200-day moving average 9higher green line on the chart below), currently at 0.6460. A break below that level and the 100-hour MA at 0.6452, would open the door for a look toward the 200-hour MA at 0.6428 coming into focus.
There is also a swing area between 0.6429 and 0.6442 will be key for determining short-term direction. Holding this zone could offer buyers a base for another attempt higher. A break below, however, would shift the bias more clearly in favor of sellers.
Key levels to watch:
Resistance: 0.6504 (failed breakout zone), 0.6514 (new high for 2025)
Support: 0.6460 (200-day MA), 0.6452 (100-hour MA), 0.6428 (200-hour MA), 0.6429–0.6442 (swing area)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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