The AUDUSD has experienced choppy trading today, with price fluctuations occurring between well-defined support and resistance levels. The lower extreme has found support between 0.6628 and 0.66399 (see green numbered circles), while the upper extreme has encountered resistance in a swing area between 0.66656 and 0.6673 (see red numbered circles). Above these levels, the converging 100 and 200-hour moving averages currently sit near 0.6677 (blue and green lines).
On Friday, the price high stalled just below the 100-hour moving average (blue line), emphasizing its importance going forward. Currently trading at 0.6640, near the high of the lower swing area, the AUDUSD price action has been choppy not only today but over an extended period, as traders grapple with establishing a clear bullish or bearish bias.
Last week, the high prices stalled against the 200-day moving average on both Wednesday and Thursday. Sellers leaned against this key longer-term moving average, pushing the price lower. As the price is trading below the 100 and 200-hour moving averages, sellers have the upper hand. However, a decisive move below 0.6628 is required to shift the price toward the lower extreme, tested between March 7-13, as well as on March 15 and the start of March 16. The March low reached 0.6563, while the low from March 15 was 0.6589, making these levels potential targets for further selling.
