AUDUSD traded to lowest level since 2020, but bounced. Closing near 100/200 hour MAs

In the above video, I take a look at the technical levels in play for the AUDUSD heading into the new trading week.

For the week, the low on Monday traded to a new low going back to 2020, but could not sustain the bearish momentum. The subsequent rise saw a double top established at the 0.62457 level. That level will need to be broken and stay broken to increase the bullish bias in the new trading week.

The pair is closing near the 100 and 200 hour MAs above and below 0.6200.

Next week, momentum away from those MAs will help define the bias at least at the start of the new week. On the downside, traders will be watching the 0.6165 to 0.6169. That area is key on both the daily and the hourly chart. Below that, and traders will look toward the low from the week at 0.61309. Move below it and the price is trading at the lowest level in 4-years. The door opens for more downside.

On the topside, the 0.6245 is the first target. Get above that and a progression above old swing highs at 0.6264, 06274 would then have traders targeting the 38.2% of the move down from the November high at 0.62902.

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