Technical Analysis

AUDUSD revisits the 100 day MA for the 2nd consecutive day. Bounces.

AUDUSD has good support and resistance in play

The AUDUSD is lower on the day now after rising in the early Asian session. The high price for the day fell short of the swing area between 0.6738 0.67437 (see red numbered circles and lower yellow area on the chart above). The high price could only reach 0.67353 before rotating back to the downside.

The price it just moved down to retest the low price from yesterday at 0.6676. The low price 0.66745. Just below those levels since the 100 day moving average currently at 0.6669. The low price from December 7 (and November 30) reached down to 0.66681. Breaking below those levels will be required to increase the bearish bias.

The S&P Global PMI data just came out weaker than expectations. The AUDUSD pair initially moved higher (lower USD) but has backed off a bit as traders await the impact in the equity market. So far the reaction has been limited.

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