AUDUSD Technical Analysis Summary

The article discusses the recent movements and technical analysis of the AUDUSD currency pair, focusing on key price levels and market sentiment. The analysis is provided by Greg Michalowski and highlights the importance of the 200-hour moving average (MA) as a critical support level.

Key Points

• The AUDUSD broke above the 200-hour MA at 0.6922, indicating a potential shift in momentum towards the upside.
• Despite the initial upward movement, the pair encountered resistance near a significant swing area between 0.6896 and 0.69088, which had previously acted as support before breaking down last week.
• In the early Asian session, the AUDUSD experienced a corrective pullback, finding support at 0.6899, just above the key swing area low, which allowed buyers to regain control.
• Following this, the price rallied above the 200-hour MA, reaching an intraday high of 0.6962, but faced resistance near the 38.2% Fibonacci retracement level at 0.6969.
• The article emphasizes that a break above the 0.6969 level is crucial for confirming a stronger bullish trend, while the 200-hour MA now serves as a close support level.
• If the price holds above the 200-hour MA, it is expected to test the 38.2% retracement level, with further gains possible towards the 0.7000 resistance and the 50% retracement level near 0.7010.

Conclusion

In summary, the article indicates that buyers are currently in control above the 200-hour MA, but the real test lies at the 0.6969 level. A successful break above this resistance could lead to increased momentum and further upside potential for the AUDUSD pair.