AUDUSD Shifts to Bullish Bias as Buyers Push Above Key Levels

The AUDUSD currency pair has transitioned from a bearish trend earlier today to a bullish bias during the U.S. trading session. Buyers successfully pushed the pair above the key moving averages, specifically the 100- and 200-hour averages, which are situated near the 0.6495 to 0.6497 range. This shift has changed the near-term technical outlook to a more optimistic stance.

During the session, the AUDUSD reached a high of 0.6517 and has since been consolidating just below this level. Intraday support is forming around 0.6508, indicating that buyers are attempting to maintain their momentum. As the trading day progresses, the focus will shift to the critical resistance level of 0.65239. This ceiling has capped rallies since October 13 and represents a significant hurdle for the bulls.

Key Technical Levels to Watch

Should buyers manage to break above the 0.65239 level, attention will likely turn toward the 100-day moving average, currently positioned at 0.65338. This level is particularly significant as it was last broken on October 10 and retested unsuccessfully three days later. Following that, the pair fell to its October low of 0.64398.

The recent price action has been somewhat volatile, but today’s advancement above the hourly moving averages is a positive indicator for buyers. Nevertheless, a sustained break above the 100-day moving average remains essential for confirming a broader bullish trend in the market.

If the AUDUSD fails to maintain its upward momentum and drops back below the 100- and 200-hour moving averages, it could lead to disappointment among buyers who were optimistic about today’s upward movement. As traders closely monitor these critical levels, the next moves will be pivotal in determining the currency pair’s trajectory in the coming days.