AUDUSD has rebounded and in the process is back up testing 50% and 200 day MA. What next?
The AUDUSD at the start of the new trading day, moved lower and in the process fell below a dual technical level defined by the 100-day MA and a key swing floor near 0.6526. The price low reached down to 0.6507, but the momentum faded, and the price started to trade above and below the dual technical levels. When the US data came in weaker this morning, the sellers turned to buyers and rotated higher. The subsequent move took the price up to another dual technical area defined by the 50% midpoint of the move up from the October low to the December high at 0.6570 and the 200-day MA just above that level at 0.6574. THe high is testing that 200-day MA. A break above would open the door for more upside momentum. Conversely, holding resistance here and the buyer and sellers continue the battle between the dual support below and the dual resistance above. This article was written by Greg Michalowski at www.forexlive.com.
The AUDUSD at the start of the new trading day, moved lower and in the process fell below a dual technical level defined by the 100-day MA and a key swing floor near 0.6526. The price low reached down to 0.6507, but the momentum faded, and the price started to trade above and below the dual technical levels. When the US data came in weaker this morning, the sellers turned to buyers and rotated higher.
The subsequent move took the price up to another dual technical area defined by the 50% midpoint of the move up from the October low to the December high at 0.6570 and the 200-day MA just above that level at 0.6574. THe high is testing that 200-day MA. A break above would open the door for more upside momentum.
Conversely, holding resistance here and the buyer and sellers continue the battle between the dual support below and the dual resistance above. This article was written by Greg Michalowski at www.forexlive.com.
