AUDUSD sellers remain in firm control.What would turn that sellers control around?

Summary

• 📉 AUD/USD Support and Resistance Levels: The AUDUSD pair retested key support levels between 0.6334 and 0.6363 last week and bounced. Today, the price returned to that area on the daily chart. If the price can break below the low of that swing area, it opens the door for more selling with 0.62698 to 0.6294 the next target swing area (from the daily chart) . Failure to hold above these levels could open the door to 0.626, a major downside target.
• 🟦 Indicators to Watch: For buyers to regain control, breaking above the 100-hour moving average (0.63738) is essential, followed by a sustained move above the 200-hour moving average (at 0.63985).Failure to get above those levels are the miniumum for the buyers to take back control from the sellers
• 🔑 Sellers Dominance: Current price trends and failure to hold above moving averages indicate sellers remain firmly in control.

Insights Based on Numbers

• 🔢 Critical Support: 0.6334 is a pivotal level; breaking below this could lead to further selling pressure toward the 2023 low.
• 🔢 Key Moving Averages: Buyers must surpass the 100-hour MA (0.63738) and then the 200-hour MA to indicate bullish momentum.

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