AUDUSD rebounds off trend line support

Technical Analysis

Author: Greg Michalowski | audusd

Trend line was broken but quickly rebounded

The AUDUSD has moved lower today after a run higher into the close and Asian session, ran into the underside of a broken trend line and rotated lower (see blue numbered circles).  

Trend line was broken but quickly rebounded
The push lower moved to test another trend line (this one an upward sloping line - see red numbered circles - after falling below the converged 100/200 hour MAs. The price did fall below that trend line, but buyers quickly came in and are now pushing the price back higher.

So the pair sits between a lower, upward sloping trend line at 0.77257 and a higher, downward sloping trend line at 0.7771.  The price is currently between those levels at 0.7750. 

A battle is on.

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