Today’s session saw buyers attempt a breakout above key resistance between 0.6535 and 0.6556 (see red numbered circles), but the move failed to hold, with price retreating back below the zone amid renewed USD buying during the U.S. session. That potential false break leaves bulls on the back foot, and the upside momentum in question.
Now, the pair trades back within the swing area marked by prior highs and lows (see red numbered circles on the chart), and though the bias is more neutral in the short term, the price remains comfortably above both key moving averages—a point in favor of the bulls.
On the flip side, for bulls to regain control, the pair needs to push back above 0.6556 and then target the recent highs near 0.6590. A break above that zone would build stronger bullish conviction and open the door for further upside extension.
For now, AUDUSD remains in a tug-of-war, with central bank policy and technical barriers keeping the pair range-bound and indecisive. The next directional move may hinge on which side gains control around the 100- and 200-bar moving averages.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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