AUDUSD rose sharply after the US jobs report. The price rise pushed the pair above the 100-day moving average at 0.6580, a 50% move down from the December high of 0.66159 and up to the ceiling of the key swing zone between 0.6335 and 0.6345. Sellers built on this ceiling and pushed the price to the downside again.
The bearish move has now broken below the 50% midpoint, but remains above the 100 day moving average.
Looking ahead today and next week, the 100 day EMA will be a major support level. I expect that even in the event of further declines, buyers will lean against this level at least at first glance. On the upside, the ceiling remains a hard ceiling (by definition) if buyers want to have the more control they need to get to and stay above that level.
Between sets of 50% mid move down from December high. This should be a rudder for bulls and bears in the short term.
So the technical levels have been identified and this should be the road map going forward.
