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Thursday, June 24, 2021

AUDUSD has moved above the 100 hour MA/100 day MA

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Also trading above and below the 200 hour MA

The AUSDUSD, followed the USD higher yesterday, and in the process ferll below the swing lows from May 4 and May 28 near 0.7675 area. The low price extended to 0.76454. However, the unemployment statistics today through a monkeywrench into the dollar higher break. The price surged higher as traders reversed bias and sold the dollar.  

Also trading above and below the 200 hour MA

The move to the upside, has seen the price back above above a swing area around the 0.7700 to 0.7706 area, and also above its 100 day moving average at 0.7724, its 100 hour moving average just below that level at 0.7723 and its 200 hour moving average at 0.7732.  The current price is trading at 0.77384.  Moving above that cluster of moving averages between 0.7723 and 0.7732 has now set that area as close support.  Stay above in the technical bias is in the favor of the buyers.  Move below and there may be a rotation back toward the 0.7700 to 0.7706 level (the lows from Wednesday at 0.77147 will also be a support target). 

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