The AUDUSD is trading up to the 100 hour/200 hour MA
The AUDUSD moved higher in the early Asian session – holding above support in the 0.76584 to 0.7665 area. The low in the first hour of trading was just above that area at 0.7668.
The move to the upside saw choppy action between 0.7696 and the high at 0.7723. The high stalled just ahead of the falling 100 hour MA at 0.77245. Just above that level is the 200 hour MA at 0.77314. The current price has come back down to test the natural support at 0.7700. A move below the 0.77000 and the 0.7796 level would target the broken 38.2% at 0.76826. Below that and it will be the swing area again at 0.76584 t0 0.7665.
Hold the 0.7696 to 0.7700 area and traders will continue to focus on the MAs above. Getting above those levels are key if the buyers are to take back more control going forward.
Overall, the AUDUSD pair has traded mostly between 0.76584-65 on the downside, and 0.7798 to 0.78194 on the topside over the last 14 trading days (see red box in the chart above). The 100/200 hour MAs are near the middle of that range.
Staying below those MA keeps the sellers more in control technically. Move above and the pendulum swings more to the bulls/buyers again.