Hanging below 50% of the range since September 16
The AUDUSD move lower on the news of the president’s positive Covid test. The move to the session lows did stall ahead of its 100 hour moving average. After a bump higher off that low, the price then stalled against its 50% midpoint of the trading range since September 16 at 0.71748.
The price action sets the boundaries for support and resistance.
- The rising 100 hour moving average at 0.7135 is now support, followed by the low for the day at 0.7130. Move below is more bearish. The 200 hour moving average at 0.71097 would be the next downside target.
- Close resistance is at the 50% retracement at 0.71748. Move above is more bullish, with the underside of the broken trend line at 0.7183 another target to get to and through. A swing area at 0.71902 and 0.71965 followed by the high for the week at 0.72084 are other upside targets