AUDUSD 100-hour moving average capped the pair near 0.6900 on Monday, and the pair then turned lower toward Friday’s low near 0.6875. The pair had climbed in the European session before sellers returned at that level. That area also matched the underside of a former channel trendline. As a result, sellers kept control of the near-term move.
The pair now trades in a very tight range of about 25 pips. However, the latest pullback has put focus back on recent lows. A break below 0.6875 would shift attention to the 200-day moving average at 0.6858. That level also lines up with a swing low from April 6.
AUDUSD 100-Hour Moving Average Holds
The failed move above the AUDUSD 100-hour moving average left the short-term bias tilted lower. Therefore, traders now watch whether support at 0.6875 gives way. If that level breaks, the next downside target stands at 0.6858. The source article said that area could draw dip buyers.
Buyers need to push the pair back above the falling 100-hour moving average at 0.6900 to improve the near-term picture. If they do, focus would turn to last Thursday’s high at 0.69278. Moreover, a break above that point would open the way for a test of the falling 200-hour moving average at 0.69552.
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