AUDUSD rebounds into topside MA resistance
The AUDUSD moved lower in the early Asian session, falling away from it's 100 hour MA, cracking below an upward sloping trend line connecting lows from December 21, January 4 and January 8th. The pair also traded below, and then around the 200 hour MA, before heading below the 38.2% on it's way to a low for the day at 0.76655.
The price has rebounded in the NY session and in the process has returned back up to retest the 200 hour MA (currently at 0.77198). The high reached 0.77153 and has wandered lower/sideways since the retest.
Going forward, stay below the 200 hour MA at 0.77198 keeps the sellers in play and more in control. A move above, and the risk is that the move today is simply a technical correction with the move back above the 100 hour MA and broken trend line confirming that the buyers are back in full control.
