The AUDUSD is moving higher today and technically made some positive strides
Earlier today, the price moved above its 200-day moving average near 0.66284. It also moved above a swing area near that level (see green numbered circles on the chart above). That break turned sellers into buyers. You can see it more clearly on the hourly chart where they price based near that moving average before moving to the upside with increase momentum of the last few hours of trading.
The price has now stretched up toward another swing area between 0.6685 and 0.6696. The 200 day moving average is also within that area and 0.6691. Back on October 22, the price last tested that moving average before moving lower. This is the first retest since that test. That should make this area a tough level to get through (at least on the first look).
If sellers do lean against the area and push the price lower, watch the 0.66578 level and 0.6645 (50%) as support targets on the downside.
This article was written by Greg Michalowski at www.forexlive.com.
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