Australian Dollar is testing major resistance level

Aussie is one of the top moving currencies during today's trading session. Meanwhile the dollar index fell further on Tuesday, extending Monday’s 0.8% fall (the biggest one-day drop since 27 Mar). Currency pair is re-testing major resistance level at 0.6560. Today, this area was already tested in the early European session, and the price retreated. However bears did not managed to break below May 13 high and price bounced back up.

AUDUSD is trying to break above the last month highs. Price stayed above the 100 day MA (green line) at 0.6504 today which is a bullish sign. If we take a look at the chart on April 30, then we can see that price on that day did move above the 100 day MA, but momentum faded and the price fell back down. Similar situation occurred in May. On the other hand once sellers regain control, the support at 0.6377 may be at risk. Source: xStation5

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Forex

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