The AUDUSD tested the downside yesterday, briefly breaking below its 200-day moving average for the first time since June. That move quickly failed, however, and the pair rotated back to the upside.
Today, after the U.S. data release, the AUDUSD pushed higher and broke above the falling 100-hour moving average at 0.6498. But after reaching 0.6502, the rally stalled and reversed lower. Between the 100-hour MA above and the 200-day MA below sits a key swing area between 0.64721 and 0.64820, and traders are now battling within that zone while waiting for the next directional shove.
With equity markets starting to give back gains and slip toward session lows, the AUDUSD is losing some upside momentum as well. The key question is whether sellers can push the price back below the 200-day moving average. Keep a close eye on that level for the next major technical clue.
