The AUDUSD is rebounding after a sharp decline that pushed the pair below the 200-hour moving average, the 100-day moving average, and a key downside swing target. The move lower eventually ran out of momentum, prompting a retracement as the pair climbed back above several of those broken levels.
The price has now returned to retest the 200-hour moving average at 0.6544—the upper boundary of that technical zone. Sellers are leaning against this level, attempting to cap the recovery, while buyers are trying to reclaim control. This area remains a critical barometer for the near-term battle between bullish and bearish sentiment.
In the video above, I break down the key technical factors driving the current price action in the AUDUSD.
