July 02, 2024 at 07:44PM
The AUDUSD buyers remain in control with the price above the 100/200 bar MA on the 4-hour chart. Both those MAs come in at 0.6644. The price is currently near 0.6662.
Going into the close – and into the new trading day – those MA will be the key barometer for the pair. Staying above would be more bullish and traders would look toward the high of the value area going back to mid-April. That area comes in at 0.6689. Move above that and the high from May at 0.67135 would be targeted.
Conversely, move below the 100/200 bar MAs on the 4-hour chart, and a swing area between 0.66189, the traders would look down toward the 100-day MA and 38.2% of the range since the April low at 0.6579.
Buyers are more in control above the 100/200 bar MA on the 4-hour chart. Can they keep that bias going forward and get outside the range that has confined most of the trading over the last few months?
This article was written by Greg Michalowski at www.forexlive.com.
