The AUDUSD sellers had their chance, but momentum fizzled.
Yesterday, the pair broke below key technical levels:
Yet, each of those breaks failed. The rejection at the lows sparked a recovery today, and now the price is testing the 100-bar MA on the 4-hour chart around 0.6490 (blue line).
The price has been above that MA, but so far momentum has been limited. If momentum above the door opens toward the highs for the year once again.
If it fails, a rotation back lower and toward the 200 hour MA and trend line would be the targets.
? Key support:
200-bar MA (4H): ~0.6464
Trend line - 0.6458
Low for the day: 0.6445
? Key resistance:
100-bar MA (4H): ~0.6490
Upper swing area: 0.6534 – 0.6553
Buyers have regained the upper hand on the failed break lower —for now. Watch the moving averages to see if they keep it.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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