| Sellers tried to push the EURUSD to new lows and below a floor and key swing area but failed. The snapback rally the price back to the falling 100-hour moving average. That, along with the 100-day moving average of 1.0813 and the following 200-hour moving average of 1.08274 are tires that would need to be broken to increase the bullish bias from a technical perspective in the short term at least. For now, sellers are in more control, but there is good support also near a key swing area on the daily chart 1.0750 area. The battle rages. |
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AUDUSD falls back below the 200 day MA
2023-05-11
Discover the latest analysis of AUD/USD price action in this informative video. Explore key levels and developments impacting the market.
Today, AUD/USD fell sharply after encountering selling pressure near the 100-day moving average. The subsequent decline took the price below the important 200-day moving average at 0.6725. Currently, the price is trading near the 50% midpoint of the move up from the April low at 0.6693, suggesting a consolidation phase.
Traders are closely watching for the next directional move. On the downside, the next target for sellers is between 0.6676 and 0.6680, with the 61.8% retracement at the significant 0.6666 level.
USDCHF runs higher today and back above hourly MAs
2023-05-05
The USDCHF moved to the lowest level since January 2021 this week, but found support buyers against state support area from the end of 2020/early 2021.
In trading today, the pair got a boost from lower Swiss CPI inflation. That took the price above the 200 hour moving average or support buyers leaned. The US employment report pushed price to the high for the day, before rotating back to the downside.
What next?
The 200 hour moving average is now a key support level. If the buyers are to stay in play and probe higher, stay above the 200 hour moving average of 0.8912 is key (perhaps a move below the 100 hour moving average at 0.8900 is also in play as a more conservative stop for buyers).
If the price can hold sport down to 0.8900, Topside targets become 0.8973, the 0.9000 area
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