AUDUSD steps higher with ups and downs (to technical support) providing the roadmap

The AUDUSD is higher for the week after dipping lower earlier in the week where the 200 day moving average stalled the fall.

The subsequent move to the upside was able to extend above resistance rotated back down toward support and extend above resistance and and step pattern defined by technical levels.

Today the run higher stalled just ahead of the 100 bar MA on the 4-hour chart at 0.67329. The move to the downside found support against support defined by a swing level at 0.6696 and the 200-hour moving average at 0.6694. The price has bounced back higher and trades between the 100 bar moving average on the 4-hour at 0.67329, and the 0. 6694 level.

If the roadmap continues, a break of the 100 bar MA on the 4-hour chart will be eyed.

This article was written by Greg Michalowski at www.forexlive.com.