AUDUSD has been trading higher for six consecutive days and is working on the seventh day. However, after a rally in today’s Asian session, sellers were close to the key 100-day moving average. The 100-day moving average stands at 0.6582. The price high reached just above this level at 0.6586 before moving lower again.
This decline saw the price move in an oscillating zone between 0.65417 and 0.6550. However, stronger support faces a cluster of moving averages near 0.6519 and 0.6524. This area includes the 200-day moving average, the 200-bar moving average on the 4-hour chart, and the 100-hour moving average.
Going forward, progressing towards this level – and below it, would end the six-day winning streak and give sellers more confidence.
For a complete overview of AUDUSD from a technical perspective, watch the video above.
AUDUSD advances for the 7th consecutive day
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