The 200 hour MA is being retested
The AUDUSD moved higher yesterday after the RBA kept rates unchanged and stocks/less fear helped to attract more buying. The price today extended that rally after breaking above the 200 hour MA. It was the first look above that level since January 17.
The subsequent run higher took the price toward a topside trend line and the percent retracement 0.6777-78 area. The price high stalled at 0.6774.
The last few hours has seen the price rotated back to the downside as some euphoria is coming out of the stocks with the Nasdaq issues hurt the most. The price of the AUDUSD has move back toward the 200 hour moving average at 0.67408. The low reached 0.67413.
A move back below the 200 hour moving average should solicit more downside momentum with the 100 hour moving average at 0.67131 as a downside target. Holding the level (and buyers are leaning so far) would have traders looking for a run back to the upside. Keep an eye on the 0.67547 level on the topside. That is the home to the 38.2% of the last trend move lower (from the January 23 high).
Key test for both the buyers and sellers.
