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AUDUSD tests old ceiling (now floor). Can it hold support?


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The 0.7128-31 area is home to the AUDUSD old ceiling (now floor).

The AUDUSD broke above a ceiling in the Asian session today and in the move higher, the price also extended above its 100 day moving average at 0.71436 (see blue line). That was the 1st break above the 100 day moving average since March 21. Unfortunately for the buyers, the break could not be sustained, and the price moved back lower (that was the same fate back on March 21)

The full from high is now retesting the old ceiling at the 0.7128 – 31 area. Key level.  If the buyers still like the upside, the ceiling should hold as a floor now. If not, the buyers should look to explore more of the downside with the 100 hour moving average at 0.71169 the next target.

Key test.  Will the buyers lean?
ForexLive

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