100 hour MA holds support at 0.74156
The AUDUSD pushed higher off the high of a support area between 0.7378 and 0.7384. The level held in the early European session today and that led to led move higher.
The US session saw the price extend above its 100 hour moving average (blue line currently at 0.74156) on it's way to the high for the day at 0.74305. The price has wandered sideways/lower since then, but has been able to stay above the aforementioned 100 hour moving average at 0.74156. Going forward, that moving average will be a short-term barometer for the buyers and sellers. If the price can remain above it, the buyers remain in firm control. If the price moves below it, sellers assume more control.
On the topside, the pair's high did fall short of the 38.2% retracement of the move down from the high from October 28. That retracement level comes in at 0.7434. The retracement level is the minimum hurdle to get through if the buyers are to take more control. Absent that and the correction is simply a modest bounce off the low.
