Tested the 200 hour MA in the Asian session and backed off
The AUDUSD moved up to test the 100 day moving average and falling 200 hour moving average in the Asian session. The price was able to get above its 100 day moving average but found sellers against the 200 hour moving average (green line in the chart below). That was the pattern from yesterday's trade as well (although the high price yesterday stalled further away from the 200 hour moving average).
The subsequent fall initially came back down toward the 100 hour moving average in the London morning session and found support buyers. The last hour or so has seen a break to the downside which has taken the price below the 100 hour moving average at 0.73261. The current hourly bar stalled on a corrective move higher against that level as well.
So sellers are in full control below the 100 hour moving average, with the traders targeting 0.7306-0.7310, and below that the 0.7287-0.72908 level before the November 12 low at 0.72763.
