AUDUSD fell to its lowest level since November 2023 on Monday as Japanese stock prices tumbled. However, after falling below the 2024 low at 0.63614, the price could only rise to 0.6348 before reversing higher and starting the recovery. Although this recovery had some volatility in the middle of the week, the pair eventually settled near its 100 hourly moving average and began its final leg towards a key group of technical levels, including:

• The 100-bar moving average on the 4-hour chart is currently at 0.6569
• 50% midpoint of the downward movement from the July high at 0.6573
• 200-day average at 0.65935
• 100-day exit at 0.66013

In today’s trading, traders attempted to break the 100-day moving average on a number of different hourly bars, but every small break was met with sellers.

Finally, buyers turned to sellers and pushed the price back down towards the low of the group of technical levels at 0.6569.

The price currently remains near these lower levels.

If there is a breakout, the next target would be the rising 100-day average at 0.6539. If this holds, the 100- and 200-day averages remain the main upside resistances.

Buyers and sellers are fighting between MA support and MA resistance (and also the 50%).