AUDUSD dips to key moving averages before bouncing back

The AUDUSD climbed to a new high, last seen on February 24, approaching but just shy of its declining 100-day moving average. Yesterday’s peak reached 0.6363, while the 100-day moving average hovered near 0.6376. A similar scenario unfolded on March 6, when the pair neared this key technical level and encountered selling pressure.

The downward move in AUDUSD continued during the Asian-Pacific session, with the price extending into a key swing area between 0.6287 and 0.6301 (see red numbered circles on the chart). Initially, this zone provided some support, but selling pressure persisted.

In the European session and early U.S. trading (off the jobs report), the pair pushed to a new low of 0.6281, coming within striking distance of the rising 100-hour moving average at 0.62798 and the 200-hour moving average at 0.6277. These two moving averages serve as critical technical levels—staying above keeps buyers in control, while a break below would signal further bearish momentum.

Currently, the price is attempting to regain ground and move back above the swing area up to 0.6301. If buyers can establish support above this level, the next upside target comes into focus at 0.6326–0.6336.

Conversely, find sellers, and the dual moving averages could come back in play.

Buyers looking to take back control.

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