Fall back below the 100 hour MA earlier today could not be sustained.
The AUDUSD fell back below its 100 hour moving average earlier today after stay above for most of Thursday and Friday’s trade (see blue line in the chart below). The move down took the price toward a swing area between 0.7334 and 0.7338, but found willing buyers near that level, and the price rotated higher.
Subsequently, the price moved back above the 100 hour moving average and support was reestablished against the moving average level.
The price has now moved to a new session high over the last few minutes, and in the process tested the falling 200 hour moving average at 0.73801. The price of the AUDUSD has not seen a closing hourly bar above its 200 hour moving average since July 13. A move above, is a positive/bullish tilt, with the swing highs from last week between 0.73878 and 0.73968 (highs from Friday and Thursday) as other targets to get to and through. Above that and traders will be targeting the 38.2% retracement of the July trading range comes in at 0.74072.
Buyers in the AUDUSD are making a play but running into moving average resistance. Can they break above the key technical level and keep the bullish run going?