AUDUSD finds its support and resistance area in up and down day

Technical Analysis

Author: Greg Michalowski | audusd

200 hour MA above and 200 day MA below

The AUDUSD opened with the price testing the 200 day MA at 0.6891. The price moved higher and tested the 100 bar MA on the 4 hour.  That MA has been joined by the falling 200 hour MA (green line). The 100 bar MA on the 4-hour is at 0.6922. The 200 hour MA is at 0.6920.  Also near those MAs sits the 38.2% of the move down from the December 31 high. 

200 hour MA above and 200 day MA below

The pair has been more bearish lately as the market looks toward a potential RBA ease in February (it is now at 43% vs in the 50%'s last week).  The ebbing of the cut % has helped to lean toward a slightly better tone over the last few days, but the gains are still running into the overhead technical resistance.

We currently trade between two technical extremes at 0.6908. It will take a move above resistance at 0.6922 or a move back below the 200 day moving average at 0.68911.  Buyers and sellers are both interested, but still in play, in the up and down price action and the next key break.  

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