The AUDUSD is trading up about 0.51% in trading today, making it one of the biggest movers of the day. The price is currently trading between two important swing areas on the 4-hour chart.
Immediate support lies between 0.6500 and 0.6514, which has a number of swing highs or lows over the last few weeks of trading. Although the price action last week was above and below that area there were swing levels within that area as well. Today the price started below the level but after breaking higher in the Asian session, the lows have found support buyers in the area and is now back above the area.
On the upside, the next resistance zone comes in between 0.6535 and 0.6554, a level that includes the key 61.8% retracement of the 2024 high-to-low range at 0.65489.
The pair tested this upper resistance area (high reached 0.65375) last week but was unable to sustain momentum. The price rotated lower the that high, but buyers leaned against the 0.6500–0.6514 zone.
Going forward, a break above 0.6554 and the 61.8% retracement would shift the bias further to the upside and open the door toward additional resistance near 0.6620 and beyond. Conversely, a move below 0.6500 would weaken the short-term outlook and shift control back to the sellers.
Key levels to watch:
Resistance: 0.6535–0.6554 (incl. 61.8% at 0.65489)
Support: 0.6500–0.6514
Bias: Neutral while inside the range; directional breakout needed for momentum shift
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about audusd technical update price trapped between key swing zones 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.
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