Rise stalled ahead of the 38.2% and 100 hour MA

The AUDUSD moved higher on the day, but stalled ahead of resistance targets defined by the 38.2% of the move down from last weeks high  at 0.70536. The pair also stalled ahead of the falling 100 hour MA which is back in play after running away from that MA last week.  The 100 hour MA comes in at 0.70583.  

The price action today moved lower initially but has seen more “risk-on” sentiment and has moved above the Friday close at around 0.7028 level.  The corrective low in the NY session reached 0.70355 – keeping the pair in the black for the day.  

Drilling down to the 5 minutes chart, the corrective low today did stay just above its rising 100 bar moving average (blue line) in the chart below. That moving average line comes in at 0.70362 currently. A move below would tilt the bias a little more to the downside. The 38.2% retracement of the days trading range comes in at 0.70288. The 200 bar moving average comes in at 0.70726 (green line in the chart below).

AUDUSD on the 5 minute chartThe buyers did some bottom fishing today. However, that buying has taken the price to the minimum targets (at 38.2% of the recent move and the falling 100 bar MA).  Whether the buyers can do is contingent on getting above that area.  Failure, and the move today is simply a corrective move of the run lower last week.

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