The AUDUSD to a excessive yesterday of 0.67729. The excessive value at this time edged simply above that degree of 0.6774. Both these ranges fell wanting the mid-November excessive peaked at 0.6797.
Today, the greenback has been extra bid, and that has led to a transfer again to the draw back for the AUDUSD. The transfer decrease took the value right into a swing space between 0.67168 and 0.67294 (see crimson numbered circles and yellow space on the chart above).
Dip patrons got here in and leaned towards the swing space. A transfer beneath is required to present the sellers extra hope that the highs are in place. Having stated that, on the draw back there’s a key cluster of assist outlined by the
- 200 hour transferring common at 0.66999,
- the 100 hour transferring common 0.6689 and the
- 100 day transferring common at 0.6989 as nicely.
That space finally would be the defining bias and barometer for each the patrons and sellers.
Stay above is extra bullish. Move beneath is extra bearish.
For now, the value is decrease, however patrons have leaned towards the assist goal. Can they construct off that assist a transfer the value again to the upside? That can be what merchants can be eyeing.