Trades above and below a trend line but MAs stall the rise
The AUDUSD moved to the upside and retested earlier high for the day him him him at 0.6833 but not only ran into sellers against that level but also the 200 and 100 hour MAs at 0.6830-34 area. The high price from Friday at 0.6835 is also in the way on the topside.
The price reached 0.68306 and backed off. The pair trades back to the underside of the broken trend line at 0.6826.
A move below the 0.68215 level (38.2% of the move up in October) would tilt the intraday a little more to the downside. The lows from Thursday, Friday and again today, formed a nice floor that helped the pair rotate higher. Those lows came in 0.68097 to 0.68105. Needless to say, if the sellers lean and push the price down, that floor looms and would need to be broken (PS the level was also a high going back to October 11).
