Home / Forex Treiding / The AUDUSD’s rise and fall today shifts the bias around technical levels

The AUDUSD’s rise and fall today shifts the bias around technical levels

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Retraced the Asian rise

The AUDUSD moved higher in the Asian session, perhaps getting a lift from the NZDUSD in the process (the NZD was the strongest entering the NY session).  The rise took the price back above the 200 hour MA and to the 38.2% retracement level a 0.67557.  The low in at the start of the day, did hold above the broken trend line (See blue circle 6) and near the 100 hour MA (blue line)
  The run back down has reversed back below the 100 and 200 hour MA (which are now crossing) at the 0.67386 area.  Below the MAs tilts the bias back to the downside. However, the underside of the broken trend line (blue numbered circles) and the swing area at 0.6715-183 are the next key target.
SUMMARY: The AUDUSD has had the ups and downs today but are following the bias shifts from the technical levels.  The 0.6715-19 is now support. The 100 and 200 hour MAs are close resistance at 0.67386.  

Price action in the pair is modest at 34 pips for the day. The 22 day average is not far away at 42 pips.  The relative inactivity is giving traders the opportunity to trade extremes or breaks and hoping for the best.  The bias is tilted a little to the downside below the 100/200 hour MA but getting below the support targets below still looms as a sellers requirement.  

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