March 17, 2025 at 02:46PM
The AUDUSD has climbed above the 100-day moving average at 0.63535 for the first time since October 2024, suggesting a shift in market sentiment. This break is a significant technical development, as the pair has struggled to sustain gains above this level in recent months. The next test for buyers is last week’s high at 0.63637, which, if breached, could provide further bullish momentum.
If the price holds above this key resistance, upside targets include the yearly high at 0.6407 and the 38.2% retracement level of the September 2024 decline at 0.64136. A move toward these levels would indicate a strengthening bullish trend, with buyers gaining further control.
On the downside, traders will be watching the swing area between 0.6326 and 0.6336 for potential support. A successful retest and bounce from this zone would reinforce the bullish outlook, while a break below it could bring sellers back into play and shift momentum back to the downside.
This article was written by Greg Michalowski at www.forexlive.com.
