And that is seeing AUD/USD buyers capitalise a little in pushing price back towards the 200-day moving average (blue line), seen at 0.6526 on the day. The pair saw price movement capped by the key technical level yesterday and here we are testing it again. As much as buyers look to be trying, they’d need confirmation from US data in the next two days to solidify any convictions.
But for now at least, there is some decent momentum being held following the stronger Australia CPI data this week.
Besides the 200-day moving average, there is also the 61.8 Fib retracement level (red) at 0.6536 to offer some added resistance. But I’d wager a break of the former to give buyers more momentum overall. That might even allow for a push to the 100-day moving average (red line) next. That is should the data today and tomorrow conform to the technical momentum.
This article was written by Justin Low at www.forexlive.com.
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