The AUDUSD traded to the high from last week, and the high of swing area near 0.66896. Sellers lead against that level stalling the rally. The higher US rates today have helped to push the AUDUSD price lower (the USD higher). The move has now pushed the price toward the 200 and 100 bar moving averages on the 4-hour chart between 0.66459 and 0.66395. That level is now stalling the fall.
So sellers lead against the high of the swing area. The buyers are now leaning against the MAs on the 4-hour charts.
Traders will use as levels as barometers for the next moves. Dip buyers will now lean against the MAs and hope for a bounce back toward the higher swing levels.
Sellers would want to see a break of the MAs and look for increased selling momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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