The AUDUSD fell below its 100 and 200 hour moving averages into the close on Friday and continued that directional bias in the Asian/early European session today.
The low price reached 0.7083. That was between a swing area at 0.70807 and 0.70893. Buyers came in in that area and ultimately pushed the price higher.
The current price is trading around 0.7110. That is below the near converged 100/200 hour moving averages at 0.7144, and above the aforementioned swing area between 0.70807 and 0.70893.
In the new trading day those support and resistance levels will continue to be the bookends that traders will use to define risk/bias. For sellers, getting back above the moving averages above would increase the bullish bias and likely lead to further momentum. Those moving averages would be a risk defining level for sellers now.
For the buyers, moving back below the 0.70807 level would not be something that they would want to see (a risk level for the longs).
