The AUDUSD technicals are closing what has been an up-and-down trading week with a bias to the downside. That is a result, of the price action that has taken the price back below the 200 and 100-hour MAs at 0.6711 and 0.6700. Staying below those MAs tilts the bias more to the downside.
Although the bias is more to the downside, this week’s trading had several different shifts in that bias including the price action today.
- The price highs today moved up to test the low of what is a topside swing level between 0.6727 to 0.6738.
- On the downside today, the low of the day, bottomed near the low of a swing area that formed a floor for the early part of the week at 0.6676.
The price did move below that level on Thursday after the stronger-than-expected CPI, but the momentum could not be sustained and the price rebounded back higher setting up the ups and downs today.
The video above outlines the levels in play as the trading comes to an end, and traders look to the new week.
This article was originally published by Forexlive.com. Read the original article here.