The AUDUSD continues to trade in a volatile fashion, with wide swings in both directions over the last few weeks. Yesterday, the pair pushed higher but stalled right at a trend line connecting recent highs near 0.6586. Sellers leaned against that level and helped turn the pair back lower, keeping the broader range-bound dynamics intact. Buyers turned to sellers.Today, the AUDUSD has entered a key swing area between 0.65357 and 0.6553, but so far, the price has held within the range and has not broken decisively below it. This zone acted as resistance back to May 26, making it a key area for near-term bias.
Moving below the low of the swing area and 0.65357 level, would have traders toward next downside targets at the 100- and 200-bar moving averages on the 4-hour chart, which are currently at 0.65106 and 0.64853 respectively. A break below both moving averages would increase bearish momentum and open the door for a retest of deeper support.
Last week, a similar break below these same moving averages led to a sharp fall toward the 0.6355–0.63719 support area, where buyers stepped in to halt the decline. That bounce eventually fueled the move back up to the trend line high at 0.6586.
For now, the close support is at 0.65357. Get below that level, and the 100 and 200 bar moving averages on the 4-hour chart become the next key levels and the volatile AUDUSD pair.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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