The AUDUSD moved higher yesterday and in the process tested is 100 day moving average near 0.65812. After briefly breaking above that level, buyers turn to sellers but remained above a swing area between 0.65417 and 0.65504.
We can expected retail sales in Australia helped to push the price back below that swing area and turned buyers to sellers. The selling continued through the
- 100-day moving average of 0.6529,
- 200-day moving average 0.6523,
- 200-bar moving average on the 4- hour chart at 0.6520
- 100-bar moving average at 0.6498.
The fall finally stalled right at the 200-hour moving average 0.64879 after the stronger than expected employment cost index data. The price has bounced modestly and trades just below its 50% midpoint for the month of April at 0.65028.
What next for the AUDUSD after what has been an up-and-down month? I will outline the levels in play in the above video.
This article was written by Greg Michalowski at www.forexlive.com.
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