The buyers have plowed into the AUDUSD today. The low to high trading range is around 90 pips which is near double the 22-day average (month of trading) of 47 pips. That range is the 4th largest for the year, and the largest since February 13. So it is something to shout about.
The move higher was helped by the breaking of some key technical resistance levels.
- The 100 bar MA on the 4-hour chart was broken at 0.6524 along with a swing level near that level.
- The 200 bar MA on the 4-hour chart was the next broken at 0.65399
- Then the 100 and 200 day MA which are near converged at 0.6558 was the most recent technical level broken
The 100 and 200 day MAs are now close support and will be eyed as support in the new trading day. Staying above would be more bullish. Move below and there could be disappointment on the failed break.
This article was originally published by Forexlive.com. Read the original article here.