Final week, I outlined a key goal for the AUDUSD at swing stage highs going again to 2024 and a topside pattern line. Within the post yesterday, I additionally highlighted this space as needing to be damaged, to extend the bulllish bias.
As an alternative, sellers have been in a position to lean towards the extent and stall the rally.
The next transfer decrease, has been confined, however has allowed the rising 100-hour MA to catch as much as the worth. That MA at present is available in at 0.6663. The low worth simply reached that stage and has bounced modestly.
The extent stays the important thing goal and barometer of within the brief time period for each consumers and sellers. If the worth will be damaged, it opens the door for additional corrective motion with the rising 200 hour shifting common and the low worth from Friday’s commerce close to 0.6628 as the following key goal. Getting beneath each these ranges as wanted to indicate that the sellers can take again extra management from the consumers.
Alternatively, if help holds, the consumers stay in agency management. The swing space between 0.66817 and 0.6694 stays a key goal.
