The AUDUSD is above the 100 hour MA
The AUDUSD is trading in a choppy up, down and back up trading range.
The Asian and early London session was full of up and down action mostly above the 100 hour MA (blue line). The price eventually cracked below the 100 hour moving average with momentum and made its way toward the next key target at the 200 hour moving average (green line) currently at 0.7351.
On both Monday and Tuesday, the pair got close to the 200 hour MA, only to find dip buyers willing to lean against the level and stall the falls. Today, traders did the exact same thing on two separate hourly bars.
The sellers have given way to buyers once again and the price has move back above its 100 hour moving average at 0.73698. The next topside target comes against the downward sloping trendline that cuts across at 0.7390 currently (and moving lower). A move above that level would be needed to open up the upside for probing toward the high from Monday at 0.74065.
Taking a broader look at the daily chart, the high for the year was back on September 1 at 0.74128. As mentioned, the high on a Monday reached 0.74065. Needless to say, a move above those levels would open up the door for further upside momentum with the pair trading at the highest level going back to August 2018.
Overall, choppy up and down trading for the pair. Moving average support at the 200 hour moving average holds for the 3rd straight day. That keeps the buyers in play. Resistance comes at a downward sloping trendline and the swing highs from the week and for the year between 0.74065 and 0.74128. Get above those highs and traders will be in waters that have not been tested since August 2018.
