The AUDUSD is trading at levels not seen since May 2020. The current price level is also trading within a swing area that comes in between 0.66569 and 0.66809. That area is home to a number of swing lows before and after the 2020 pandemic plunge. (see red numbered circles). The low this week did trade just below the low of that level to 0.66538 in trading today, but dip buyers snapped the price higher.
Drilling to the hourly chart, the buyers yesterday took the price back above its 100 hour moving average (blue line in the chart below). The price high reached 0.67477. That high stalled well ahead of the falling 200 hour moving average (green line).
Later in the day, the price fell back below the 100 hour moving average (blue line) and then retested that moving average line before rotating back to the downside into the Asian session and European session today. The 100 hour moving average currently comes in at 0.6699.
That moving average level also corresponds with the swing low going back to September 7 currently. As a result, moving back above that 100 hour moving average would tilt the shorter-term bias more to the upside with additional work to do including getting above:
- The 0.6717 level (swing level),
- The high price from yesterday at 0.67477.
- The 200 hour moving average and 38.2% retracement of the move down from last week's high comes in at 0.67538. That dual target level would also be a key level to get to and through if the buyers are to take more control.
