The AUDUSD is trading modestly higher in the early U.S. session after sliding in overnight Asia-Pacific trading. Last week, buyers pushed the pair to new 2024 highs and briefly broke above a topside trend line. However, that breakout failed to hold, and the pair closed the week back inside a key swing area between 0.65357 and 0.65537 (marked by green circles).
Sellers took control early Monday, driving the pair below both the 100-bar (0.65174) and 200-bar (0.64975) MAs on the 4-hour chart, adding to downside pressure. But that momentum faded, and the price has since rebounded back above both moving averages — a potentially bullish signal in the short term.
As long as the price holds above the 200-bar MA, the buyers are back in play but they still need to take the price back above the 100 bar MA on the 4-hour chart at 0.65174. Get above that, and it weakens the sellers momentum. Conversely, staying below and the focus returns to the 200 bar MA on the 4-hour chart at 0.6497.
Key technical levels:
Resistance: 0.6517 (100 bar MA on the 4-hour chart), 0.65357 to 0.65537 (swing area)
Support: 0.65974 (200-bar MA on 4-hour chart), 0.6479 (50% of the move up from the June low)
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about audusd rebounds after early dip but upside hurdles remain 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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