AUDUSD rises sharply higher in the Asian session and then erases gains. What now?

<p>The AUDUSD moved sharply higher in the Asian session, only to retrace the gains in the European session. Since then the price has been waffling back and forth between support near 0.6331 (it was the low price from last week) and the following 100-hour moving average (and low of swing area) at 0.6354.</p><p>Those levels will now be the close barometers for buyers and sellers. If the price is able to get above 0.6354 and the high of a swing area at 0.6364, the following 200-hour moving average of 0.63798 will be targeted. Move above that and it opens the door for further upside momentum.</p><p>Conversely, a move below 0.6331 with momentum, would have traders looking toward the low price from earlier this week near 0.62849. Yesterday the low price installed head of that low from Tuesday's trade by a PIP. That started the rotation to the upside.</p>

This article was written by Greg Michalowski at www.forexlive.com.