AUDUSD moves back higher to test 100 day MA

Technical Analysis

Author: Greg Michalowski | audusd

Should expect sellers near the area as a battle between buyers and sellers define their levels.

The traders in the AUDUSD are in the midst of a battle.

  • On the downside the price low today breached below the double bottom at 0.7198, but could only reach 0.71906 before running out of steam and rebounding
  • On the topside, the fall today took the price below its 100 day MA at 0.72362. The price correction off the low reached 0.72324
We currently trade at 0.7215 between the two extremes.  The battle is on with buyers leaning against the double bottom, and close resistance against the 100 day MA.

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