The AUDUSD pushed to the upside today after higher than expected CPI data, put the kabosh on a rate cut soon. However, after running toward the 200-day MA and 200 bar MA on the 4-hour chart near 0.6330, the buyers turned to sellers and has corrected the gains.
The subsequent fall has taken the price down toward a swing area between 0.64769 and 0.64864. The low price stalled just ahead of the high of that swing area. If that level can hold support, and the price can get back above its 50% midpoint of the April trading range and 100-bar moving average on the 4-hour chart at 0.6521, the buyers can resume their run to – and potentially through – the 200 day moving average.
The above video outlines the key levels and explains the risks and the targets going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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