AUDUSD stretches to test moving averages on the hourly chart
The AUDUSD moved to a new session high of 0.7781. That the price in between its 200 hour moving average at 0.7774 and its 100 hour moving average at 0.7782 (blue line the chart below). Sellers leaned against the higher moving average. The price is currently trading above and below the 200 hour moving average at 0.7774 (green line in the chart below).
The pair remains above its 38.2% retracement at 0.77650, and a swing area between 0.77574 and 0.77654 (see red numbered circles). A move back below the 38.2% retracement could see some further downside probing after the run higher over the last 4-5 hours (the price moved up from 0.7733 to the high at 0.7781 on the move – 48 pips). Conversely holding the level, could see another run to the upside.
The London fixing is approaching at the top of the hour. It is week end which can cause more volatility. Be aware.
On a break above the 0.77917 is the high of another swing area going back to April 30 (see green numbered circles). Get above, opens the door for 0.7813 area.