January 27, 2023

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AUDUSD bounce higher to retest 100 hour MA

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200 hour MA and 50% retracement stalled the fall

The AUDUSD has bounced higher after finding support buyers near the 50% midpoint of the move up from the April 13 low and the rising 200 hour MA. Both the 50% and the 200 hour MA are currently at 0.7699 (add the natural 0.77000 support at the area too). The low for the day reached 0.76989, and bounced.  

200 hour MA and 50% retracement stalled the fall

The move higher has now moved up to retest the 100 hour MA. Recall from yesterday, the price fell below that MA level, retested it, and found sellers.  The level remains a key barometer for both the buyers and sellers. Move above and the bias tilts more to the upside technically.  

With the holding of the 50% and the 200 hour MA, the buyers did show up and that helped to switch the corrective bias a touch more to the upside. With the price between the MAs now, there is argument for buyers or sellers in control. However, a break should tilt more in favor of the longs again as buyers and sellers battle it out.  Staying below, and the battle continues between the MAs.  

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