The AUDUSD moved higher to retest the swing area ceiling area before the RBA rate decision and found willing sellers. That ceiling area comes in between 0.6635 and 0.6648.
The rotation lower after the rate decision, took the price down toward the 100 day MA at 0.65765. That moving average was resistance last week, before breaking higher on the weaker US jobs report.
So with resistance at the ceiling area and support at the 100-day MA, the bookend levels are defined. Traders will ultimately look for a break outside of the key levels.
The above video outlines the details of the levels and defines the roadmap for trading going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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