Correction lower stalls
The AUDUSD corrected further to the downside reaching the lowest level since April 9. However, the fall lower did stall against its 200 hour moving average (green line) and 30.2% retracement near the 0.62665 level. The low for the day reached 0.62631 and bounced.
The inability to move below the dual technical levels, keeps the bias more tilted to the upside. The correction from the recent high reached the minimum retracement target at the 38.2%. Holding the 200 hour MA is also indicative of some buying interest still.
Having said that, the 100 hour moving average at 0.6359 is a topside target that would need to be broken if the buyers are to show their strength. The high for the day has only reached 0.63331. Swing highs since the break of the 100 hour moving average yesterday as a ceiling at 0.63473. That level along with the 100 hour moving average, are topside targets to get to and through if the buyers are to keep control.
