February 2, 2023

Forex Solution

Learn To Trade Forex

AUDUSD trades down to test swing area ahead of hourly MAs

1 min read

AUDUSDs price high stalled near high from last week yesterday

The AUDUSD has traded down to test the 38.2% (at 0.77669), and top of a swing area between 0.7755 to 0.77639. The rising 100 and 200 hour MAs at 0.77552 and 0.77522 are also in play on more weakness.

AUDUSDs price high stalled near high from last week yesterday

The pair moved up on both Friday and Monday after a break to new week lows on Thursday (and below a swing area between 0.7699 and 0.77101) failed. The rally took the price back toward the high from last week at 0.78152 (the high reached just below that level at 0.78144) where sellers leaned (with stops likely on a break above).   

The rotation lower has been somewhat slow but steady today.

The low price today reached 0.77654 which was just above the high of the swing area at 0.77639.  

The pair shifted after holding the high from last week yesterday.  Sellers want to see the aforementioned targets to the downside broken (including the moving averages) to increase the downward bias.  Risk could be near the 0.77837 area (up to 0.7786).  That was swing highs going back to April 19 and April 20. On the way higher yesterday, the price stalled ahead of that before moving back above.  Today, the last corrective high stalled at 0.7786.  

Source link

Copyright © All rights reserved. | Newsphere by AF themes.