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AUDUSD traders respect support and resistance today. That increases the levels importance going forward.
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The AUDUSD moved lower during the Asian-Pacific session, extending away from its nearly converged 100- and 200-hour moving averages.
The move lower, however, stalled at a key technical support area where a rising trendline intersected with the lower boundary of a swing area near 0.6961.
Sellers, meanwhile, protected the converged 100- and 200-hour moving averages, capping the recovery.
On the topside, the converged 100- and 200-hour moving averages remain the key hurdle.
A move above those moving averages would increase the bullish bias and have traders looking for additional upside targets.