Technical Analysis

AUDUSD below 100 and 200 hour MAs but…

…recent swing lows in play at 0.70957-973

The AUDUSD is below its 100 and 200 hour MAs at 0.7103-05 respectively. The sellers are trying to take more control below those MAs…

However, looking at the hourly chart above, the lows since early Wednesday, have beein the 0.70857-973 area. We just moved down to a day low at 0.70978.  If the pair is going lower, getting back below this area is the next target.

So a battle is underway.

What has helped the bearish technical picture today, has been the clear ceiling at the 0.7128-31 area.  Sellers against that level (it was the high on Monday, Tuesday, Wednesday and again today) have been rewarded this week.  

Needless to say, we are a bit aways from the level now (well not that far at 31 pips), but it does make for a key level to remember going forward in the event of a rally back higher.

For now though, focus from traders is on the 0.70957 area. A break below should solicit more selling momentum. 
ForexLive

Articles You May Like

The CAD is the strongest while the AUD is the weakest.
US Dollar Index Technical Analysis: DXY bulls challenging the 2019 high near 97.71 price level
Central bank speakers… how to prepare for them?
AUDUSD traders will come back with the pair below the 100 day MA
US will announce complete cutoff to Iran oil exports on Monday – report

Leave a Reply

Your email address will not be published. Required fields are marked *