The AUDUSD has continued/resumed its run to the downside after the selloff on the “less hawkish” RBA rate decision. The move to the downside for the price back below its swing area near 0.6585, and it’s 100-day moving average 0.6575. The momentum continued down until reaching the broken 38.2% retracement of the move down from the December high to the April low. That level comes in at 0.65559.
With support at the retracement level, and resistance now defined by the 100-day moving average and swing level, the battle lines are drawn for both the buyers and the sellers. With the price back below the 100-day moving average, the tilt is to the sellers as long as that level remains above the current level.
To fully understand the roadmap, watch the above video.
This article was written by Greg Michalowski at www.forexlive.com.
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