The AUDUSD raced higher on Friday, but found willing sellers near a key swing area between 0.6635 and 0.6648, before rotating back to the downside.
In trading today, the price will back up to retest that swing area only to find willing sellers again. Needless to say, getting above that area is needed to increase the bullish bias.
On the downside, traders will be watching for close support near the 50% midpoint of the range since the December high. That level comes in at 0.66159. If the price can stay above the midpoint level, the aforementioned ceiling area remains a key target to get to and through to give the buyers even more control.
Conversely, on a move back below the 50% midpoint level, traders could see the price rotate back down for a retest of its 100-day moving average currently at 0.6579.
That moving average level would be another key barometer for both buyers and sellers.
This article was written by Greg Michalowski at www.forexlive.com.
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