AUDUSD rebounds after early dip but upside hurdles remain | Forexlive

The AUDUSD is trading modestly higher in the early U.S. session after sliding in overnight Asia-Pacific trading. Last week, buyers pushed the pair to new 2024 highs and briefly broke above a topside trend line. However, that breakout failed to hold, and the pair closed the week back inside a key swing area between 0.65357 and 0.65537 (marked by green circles).

Sellers took control early Monday, driving the pair below both the 100-bar (0.65174) and 200-bar (0.64975) MAs on the 4-hour chart, adding to downside pressure. But that momentum faded, and the price has since rebounded back above both moving averages — a potentially bullish signal in the short term.

As long as the price holds above the 200-bar MA, the buyers are back in play but they still need to take the price back above the 100 bar MA on the 4-hour chart at 0.65174. Get above that, and it weakens the sellers momentum. Conversely, staying below and the focus returns to the 200 bar MA on the 4-hour chart at 0.6497.

Key technical levels:

• Resistance: 0.6517 (100 bar MA on the 4-hour chart), 0.65357 to 0.65537 (swing area)

• Support: 0.65974 (200-bar MA on 4-hour chart), 0.6479 (50% of the move up from the June low)