Can the buyers keep the momentum going?

The AUDUSD retraced earlier gains and in the process moved down to retest the close from yesterday at 0.7734 and the 200 day MA at 0.77359 (green line in the chart below). The low reached 0.7736 and bounced back higher. Buyers held on to control. 

The move back to the upside has moved up to now retest the 38.2 % retracement of the move down from the Feb 25 high at 0.77685.  If the pair and get back above the retracement level, it would be more positive for the buyers/bulls.  Stay below, and we have a battle between the 200 hour MA below and the 38.2% above.  

Can the buyers keep the momentum going?  Get above the 38.2% retracement level (and stay above).  

Invest in yourself. See our forex education hub.

Source link