The AUDUSD moved lower earlier in the day and that move to the downside tested a swing area between 0.6471 and 0.6479. The low price for the day reached 0.6481 before bouncing back to the upside.
The move to the upside did extend back above a swing area going back to mid July between 0.6505 and 0.65129. That area is now closed support for traders looking for more upside in the AUDUSD.
The price is approaching a swing area between 0.65357 and 0.65537. The falling 100 bar moving average on the 4-hour chart is also moving toward the high of that swing area which would increase that area’s importance on further upside momentum.
This article was written by Greg Michalowski at www.forexlive.com.
