The AUD/USD has reached a new low, testing the 200-hour moving average at 0.6225 and the 100-hour moving average at 0.6227. These levels are pivotal for determining the near-term direction for both buyers and sellers.
If buyers defend this area, it would signal continued support, keeping them in the game. However, a sustained move below these moving averages would shift the bias firmly in favor of the sellers. On a break lower, the next key targets are 0.6215, followed by last Friday’s low at 0.6198, and then the 2024 low of 0.6179, recorded on December 31.
Conversely, if support holds, the pair could stage a snapback rally, with potential upside aiming for the 100-bar moving average on the 4-hour chart at 0.6264.
This article was originally published by Forexlive.com. Read the original article here.