AUDUSD scrunches together. Look for a break.

Technical Analysis

Author: Greg Michalowski | audusd

Lower trendline. Upper trend line and 200 hour MA

The  AUDUSD is scrunching together in a confined space.  On the top, the 200 hour moving average currently comes in at 0.6908 . Just above that is a topside trend line on the hourly chart at 0.6911 . 

Lower trendline. Upper trend line and 200 hour MA
On the downside, a lower trendline comes in at 0.6893, and below that are 3 moving averages including the:
  • 200 day moving average at 0.68901
  • 100 hour moving average at 0.68843
  • 200 bar moving average on the 4 hour chart at 0.68718
Traders will be looking for a break in either direction. Right now the topside resistance levels are being tested. If broken, the 38.2% retracement at 0.6918 and the 100 bar moving average on the 4 hour chart (held resistance yesterday) at 0.69247 will be the next hurdles to get to an through. 

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose