The AUDUSD has traded higher for six straight days and is working on day seven. However, after rising in the Asian session today, sellers showed up near the key 100-day moving average. The 100-day moving average comes in at 0.6582. The high price reached just above that level at 0.6586 before rotating back to the downside.
The move lower has seen the price move into a swing area between 0.65417 and 0.6550. However stronger support comes against a cluster of moving averages near 0.6519 and 0.6524. Included in that area is the 200 day moving average, the 200-bar moving average on the 4-hour chart, and the 100-hour moving average.
Going forward, moving toward that level – and below it, would snap the six-day win streak, and give the sellers more confidence.
For the full review of the AUDUSD from a technical perspective, watch the above video.
This article was written by Greg Michalowski at www.forexlive.com.
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