The AUDUSD extended its gains earlier in the week after breaking and holding above the 100-bar moving average on the 4-hour chart (blue line currently at 0.65435). That technical development helped shift the bias more bullish and opened the door for buyers to target higher levels. Buyers raced the pair to the upside and to new highs for the week.
The most recent move to the upside saw price test a topside trendline resistance, where sellers leaned and capped the rally near 0.66197. The resulting pullback found support in a familiar swing area between 0.6588 and 0.65945, helping define a key near-term risk level for dip buyers. Holding this zone keeps the short-term bias in favor of the upside and could lead to new highs for the year..
Conversely, a break below 0.6588 would weaken that bullish outlook – at least in the short term – and shift focus back toward the 38.2% retracement 0.65556 and the 100- and 200-bar MAs currently near 0. 65435 and 0.65265 respectively
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Meanwhile, a renewed push above the trendline resistance near 0.6620 would give buyers further momentum.
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This article was written by Greg Michalowski at investinglive.com.
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