AUDUSD rotates down to swing area support and ahead of a cluster of MAs

[forex4you]

AUDUSD rotates down to swing area support and ahead of a cluster of MAs

<p>The AUDUSD to a high yesterday of 0.67729. The high price today edged just above that level of 0.6774. Both those levels fell short of the mid-November high peaked at 0.6797.</p><p>Today, the dollar has been more bid, and that has led to a move back to the downside for the AUDUSD. The move lower took the price into a swing area between 0.67168 and 0.67294 (see red numbered circles and yellow area on the chart above). </p><p>Dip buyers came in and leaned against the swing area.  A move below is needed to give the sellers more hope that the highs are in place. Having said that, on the downside there is a key cluster of support defined by the </p><ul><li>200 hour moving average at 0.66999, </li><li>the 100 hour moving average 0.6689 and the </li><li>100 day moving average at 0.6989 as well. </li></ul><p>That area ultimately will be the defining bias and barometer for both the buyers and sellers. </p><p>Stay above is more bullish. Move below is more bearish.</p><p>For now, the price is lower, but buyers have leaned against the support target. Can they build off that support a move the price back to the upside?  That will be what traders will be eyeing.</p>

                This article was written by Greg Michalowski at forexlive.com.

Source: AUDUSD rotates down to swing area support and ahead of a cluster of MAs

forexlive.com