The AUDUSD moved up sharply yesterday and in the process extended above the low from February 3 at 0.60874 and the low from January 13 at 0.61306.
The momentum continued today with the AUDUSD finding strong buying interest at a familiar support zone between 0.61608 and 0.61779 — a key swing area that previously acted as a floor multiple times since early January (see red numbered circles). The price initiall stalled at that area, but has extended higher in the early US trading.. That area is now confirmed as support once again after the latest bounce.
On the topside, attention shifts to the 61.8% retracement of the recent drop, located at 0.6219, and the 100-bar moving average on the 4-hour chart at 0.62302. Both represent critical technical hurdles that bulls need to clear to extend the rebound.
A break above 0.62302 would open the door to further upside momentum, while failure to breach resistance could see price rotate back toward the 0.61779–0.61608 support zone.
Key levels:
Support: 0.61608–0.61779 (swing area)
Resistance: 0.6219 (61.8% Fib), 0.62302 (100-bar MA)
Bias: Neutral-to-bullish above 0.61779, bullish confirmation above 0.62302
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about audusd rebounds off support and eyes key upside targets was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( AUDUSD rebounds off support and eyes key upside targets )
Also on site :
- Suspect in deadly San Jose police shooting identified
- Details emerge in crime spree that ended in deadly shootout with San Jose police
- Grey's Anatomy Brings Back Meredith And Nick For A Tense Reunion — And A Big Question About Their Future