The AUDUSD 100 hour and 100 day MA are converging
The AUDUSD moved below and away from its 100 day MA (at 0.68532 currently) in the Asian session and then below its 100 hour MA (lower blue line at 0.68515 currently).
The 100 hour MA has been doing a good job of stalling the rallies. We are currently testing that MA once again.
While the 100 hour MA moves higher, it is also approaching the 100 day MA. In a couple pips both 100 bar MAs will have converged. That helps to increase the levels importance.
If the traders continue to lean against the 100 hour MA (and now 100 day MA), we could see more downside potential with the 0.68327, the 38.2% at 0.68215 and the rising 200 hour MA at 0.68108 as targets.
If the aforementioned moving averages are broken to the upside, the buyers take more control and a run toward the week highs at 0.6882 would be the upside target going forward.
