AUDUSD 100-day moving average capped the pair’s rebound after buyers briefly pushed above 0.70505, before the price turned lower and tested support near 0.7020.
The pair posted choppy trade this week as buyers and sellers fought for near-term control. Yesterday, buyers drove AUDUSD above the 100-day moving average at 0.70505. The move reached a high near 0.7065. However, that strength faded in the Asian-Pacific session, and the pair slipped back under the same level.
Selling then pushed the pair below the 100-hour moving average at 0.70325. As a result, AUDUSD moved into a swing area between 0.7020 and 0.70269. The day’s low held at 0.7023. Buyers then returned and helped the pair recover back above the 100-hour moving average.
AUDUSD 100-Day Moving Average in Focus
The recent moves have set out the main technical levels. On the downside, a break below 0.7020 would add to the bearish bias. Therefore, that move would bring the 200-hour moving average at 0.70069 into view. If the pair falls below that level, attention would turn to more support from the mid-July trading range.
Support and Resistance Levels Take Shape
On the upside, buyers need to build on the latest rebound. In that case, the AUDUSD 100-day moving average at 0.70505 stands as the first key target. A sustained move above it would expose the 50% retracement level at 0.70707. Moreover, a break above both resistance points would strengthen the bullish case and give buyers more room to extend the recovery.
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Source: InvestingLive
