The AUDUSD is experiencing an uptick as sellers failed to maintain momentum below Monday’s low. Buyers are currently targeting resistance at the 100-hour moving average and the swing low from early February, located near 0.6087.
The price is reaching new highs today, but significant tests include the 100-hour moving average at 0.60846 and yesterday’s high, both forming a resistance zone. A successful breach of this zone could shift focus towards the Monday high and the January 13 swing low.
Seller Confidence
Conversely, sellers would gain confidence if the price moves below 0.5985, the low from the previous week. Support is anticipated around 0.6000, where buyers may emerge to reclaim control.
What has been observed so far is a rebound in the AUDUSD after an attempt by sellers to press the pair lower faltered. Monday’s low was not broken with any real conviction, suggesting fading pressure from the downside. The buyers have since stepped in, guiding the price upwards, toward technical barriers that could hamper further movement for now.
Now, the current push is heading into a band where the 100-hour moving average and a former swing low coincide, both hovering just under 0.6090. Price action around this area has previously acted as a turning point, and as we approach it again, any advance which manages to hold above it would be considered a clear shift in the short-term direction. We are watching that region very carefully.
Significance Of The 06000 Area
It’s worth noting that yesterday’s high sits near this same area. A daily close above both the moving average and that recent high would validate the effort by buyers and open a pathway towards higher levels — particularly the top set on Monday and even further back to that pivot from January. These aren’t insurmountable, but they are levels with history – and price tends to remember.
Should buyers fail to carry through, attention quickly returns to the 0.6000 area. That round number isn’t just psychological. It’s been used more than once as a staging ground for bounce attempts, especially during declines this year. A push below there, with clear hourly acceptance, would not just undo today’s effort but also undo recent buyer enthusiasm.
The tipping point below sits at 0.5985, last week’s low, which might act as the last line before accelerating a move further south. If that gives way, the suggestion would be that sellers are no longer reacting passively but taking control.
In the short term, we are monitoring the volume through the key hourly levels, particularly whether price can sustain momentum once across them, or if quick rejections occur. Movements revolving around the mentioned resistance and support levels are unlikely to be subtle, given how clustered they are with recent technical memory. We’ve seen similar conditions in other currency pairs this month, and they’ve tended to resolve swiftly once a boundary is shoved aside decisively.
So we’re staying alert. These pockets of resistance and support might appear narrow, but the outcomes either side of them aren’t.
