AUDUSD stalls at 200-day MA after breakout fails above 0.64687 ...Middle East

The pair is now backing off from those highs, putting pressure back on the former resistance-turned-support zone between 0.6429 and 0.64419. This area will be critical going forward. If buyers are to maintain short-term control, they must defend this zone on any dip.

A break back below 0.6429 would weaken the bullish bias and shift focus toward support levels near 0.6407 (swing high from February) and 0.6390 (swing highs from March). On the topside, a sustained break above 0.6461 to 0.6468 would open the door toward the 0.6535 resistance level.

This article was written by Greg Michalowski at www.forexlive.com.

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