The AUDUSD has exhibited heightened volatility during the US election period. Despite the fluctuations, buyers have consistently stepped in near the rising 100-hour moving average, maintaining their presence in the market.
On the flip side, recent highs from Monday and Tuesday encountered resistance from sellers near the 38.2% retracement level at 0.62902 and a swing area between 0.6287 and 0.6301.
Earlier today, the price tested this swing area again, briefly breaching the 38.2% retracement. However, sellers regained control near the upper boundary of the swing area, pushing the price lower.
For sellers, remaining below this swing area keeps the bearish momentum intact. For buyers, a move below 0.6274 could signal further downside, targeting 0.6245 and eventually the rising 100-hour moving average. These levels will be pivotal for determining the pair’s next direction.
This article was written by Greg Michalowski at www.forexlive.com.
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