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AUDUSD slips toward key support as bullish bias holds

The pair traded as low as 0.7154 and must break the 0.7126 to 0.7132 support zone to shift control toward sellers.

Reported · Written up by our desk · Major Pairs

The AUDUSD corrected lower on the day after holding a key support area tied to the 100-day moving average and the 50% retracement near 0.7070, according to Forexlive.

After a first push last week that revisited the August 17 high around 0.7129, the pair later reached 0.7180 but stalled below resistance just ahead of 0.7200, with price action now turning more corrective.

Forexlive said rising momentum had been supported by higher commodity prices, including gold, which was up about 1.5% to a fresh level near $4,672, although AUDUSD was still lower.

Technically, the outlet pointed to the 0.7129 area and the rising 100-hour moving average near 0.71262 as the line buyers need to defend, with the next downside reference at the 200-hour moving average around 0.7103 if that is broken.

Latest closeGold $4,432.00 ▲1.6%

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