The AUDUSD moved sharply higher after the US jobs report. The price rises took the pair above the 100 day MA at 0.6580, the 50% of the move down from the December high at 0.66159 and up to the a key swing area ceiling between 0.6335 and 0.6345. Sellers leaned against that ceiling and have pushed the price back to the downside.
The move lower has now breached back below the 50% midpoint, but remains above the 100 day moving average.
Going forward today and into next week, the 100 day moving average is going to be a key support level. I would expect that even on more downside, buyers would lean against that level at least on the first look. On the top side, the ceiling remains as a tough ceiling (by definition) if the buyers are to take more control they need to get and stay above that level.
In between sets of 50% midpoint of the move down from the December high. That should act as a rudder for the bulls and the bears in the short term.
So the technical levels are set and should be the roadmap going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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