The AUDUSD on Friday, found support buyers at the 200-hour MA (currently at 0.66949). Earlier on Friday, sellers leaned against the 100 bar MA on the 4-hour chart at 0.6733.
Today, the buyers took control once again near the 200 bar MA in the early Asian session, and pushed the price higher.. IN the early European session today, the buyers extended the price above the 100 bar MA on the 4-hour chart increasing the bullish bias and sending the price toward the swing area between 0.6749 and 0.67604. The high price stalled right near the 0.6749 level.
The modest decline over the last few hours of trading has now taken the price back down toward the 100 bar moving average on the 4-hour chart where support buyers are trying to keep the buyers firmly in control.
If that level can hold support, the buyers remain in full control and a run toward the 0.67487 and 0.67604 can be expected. Get above that area, and the door opens for a run toward the August highs – peaking at 0.68232. That was the highest level going back to the end of December 2023.)
Conversely, move below and a move back to the 200 hour MA would be eyed on the disappointment on the break higher today.
This article was written by Greg Michalowski at www.forexlive.com.
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