Passing below 100 hour MA failed after stalling at midpoint of 50%
The AUDUSD fell after the CPI data (and the dollar rose), but the trend reversed and the price returned to the upside.
Price has just reached a new session high and is testing a swing zone between 0.7368 and 0.7375 in the process. Yesterday the price extended above this area to a high of 0.7384 but quickly failed and came back down.
The current price is trading at 0.7374. There’s a stall in the swing area – at least for now.
A move above the aforementioned levels will cause traders to look to the swing high dating back to September 10 at 0.74095. Just above is the 100-day moving average down to 0.74164.
Hold resistance here and we could easily see a downward rotation as the market still grapples with a directional bias.
The upward movement occurs despite a downward rotation of the Dow and S&P stock indexes. However, like the forex market, stocks trade with upward and downward volatility.
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