AUDUSD has moved above the 100-hour moving average of 0.66485. This is the first trade above this moving average since its low on June 20. The price also moved above the broken swing zone between 0.6637 and 0.6652. The area is now a close support for buyers looking for more upside. Head back down and the salesmen are back in the driver’s seat
On the upside, the broken 50% midpoint of the up move range from May 31st comes at 0.66785 and is the next bullish target.
And above that there is a set of moving averages starting with:
- 200 day moving average 0.66904,
- 200 hourly moving average at 0.6696, and
- The 100-day moving average is 0.66994
This area will be a major resistance area that should attract sellers in a test. I would expect sellers to charge if they are tested.
AUDUSD is above the 100 hourly moving average
Next week (Wednesday in Australia), the Reserve Bank of Australia will announce its latest interest rate decision. Expectations are mixed with a slight bias in favor of no change at 4.10% vs. an increase of 25 basis points.
what is the price?
See Justin’s post:
What is the rate for the RBA next week
