Monday , 25 November 2024
Home Forex AUDUSD stays below 100 hour MA on first test
Forex

AUDUSD stays below 100 hour MA on first test

The AUDUSD reached a new low earlier today at 0.6536, but has since bounced higher.

The run higher has extended back above the broken 61.8% of the move up from the July low at 0.6570, and after trading above and below that level in the European session and into the US session, the price extended higher. The extension found willing sellers against the falling 100-hour MA at 0.6594. The price is back down retesting the broken 61.8% retracement level at 0.6570.

The holding below the 100-hour MA increases that level’s importance going forward. It would now take a move above that level – and staying above that level – to give the buyers more control. Absent that, and the buyers are not winning. The sellers are winning.

On the downside move below 0.6475 and stay below that level, targets the swing low going back to August 15 at 0.6562, and below that the low price reached earlier today at 0.6536 (honestly is a random low). There is better support down near 0.6471 to 0.6486.

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

BOE’s Lombardelli: We remain focused more on services prices and wages

We should not focus too much on one set of data (regarding...

Crude Oil Technical Analysis – We are approaching the top of the range

Fundamental OverviewCrude oil remains confined in a range between the 72.00 resistance...

USD/CAD refreshes daily high on sliding Oil prices; remains below 1.4000 amid weaker USD

The USD/CAD pair attracts some dip-buying near the 1.3925 area, or a...

BoE’s Lombardelli: I support a gradual removal of monetary policy restriction

Bank of England (BoE) Deputy Governor for Monetary Policy Clare Lombardelli said...