The AUDUSD has experienced sharp two-way volatility going back to April, but the broader bias had leaned higher, with the pair reaching its highest level since November just last Friday. However, the momentum shifted this week.
Yesterday's sharp drop took the price down to test the 38.2% retracement of the move up from the June low. After a modest bounce in the Asian session, the pair fell again during early U.S. trading, breaking below the 38.2% level at 0.6509 and reaching a low of 0.6495.
Then came a sharp reversal—headline news from President Trump sparked a rally, pushing AUDUSD above the 200-hour moving average at 0.6541. But the move stalled just shy of the 100-hour moving average at 0.6554. After Trump's denial, the pair quickly reversed lower.
Since then, AUDUSD has remained below both the 100- and 200-hour moving averages, as well as under the key swing area between 0.6535 and 0.65565 (see green numbered circles and yellow zone on the chart). This keeps the short-term bias tilted bearish. The current price trades around 0.6520.
? Bearish Bias Maintains Control:
A break below 0.6509 (38.2% retracement) would strengthen bearish sentiment.
Next support targets: 0.6495 (session low) and 0.6483 (50% retracement and prior swing low).
? Upside Risk:
A move back above the 200-hour MA (0.6541) and into the swing area would neutralize the bias.
Breaking above the 100-hour MA (0.6554) would flip the near-term bias back to full control by the buyers. .
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about audusd technical update volatile swings but bears keep short term edge 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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